Express the following comparative income statements in common-size percents. D esponsible for the decline in net income? Complete this question by entering your answers in the tabs below. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: Round your percentage answers to 1 decimal place. Sales Cost of goods sold Gross profit Operating expenses Net Income GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year % 100.0 Current Year S $ $ 740,000 568,100 171,900 128,000 43,900 Prior Year $ $ $ 690,000 291,000 399,000 226,400 172,600 Prior Year %

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Express the following comparative income statements in common-size percents. C
esponsible for the decline in net income?
Complete this question by entering your answers in the tabs below.
Income
Statement
Reason for
Decline in Net
Income
Express the following comparative income statements in common-size percents.
Note: Round your percentage answers to 1 decimal place.
Sales
Cost of goods sold
Gross profit
Operating expenses
Net Income
GOMEZ CORPORATION
Comparative Income Statements
For Years Ended December 31
Current Year %
100.0
Current Year S
$
$
740,000
568,100
171,900
128,000
43,900
Prior Year $
$
$
690,000
291,000
399,000
226,400
172,600
Prior Year %
Reason for Decline in Not Ing
Transcribed Image Text:Express the following comparative income statements in common-size percents. C esponsible for the decline in net income? Complete this question by entering your answers in the tabs below. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: Round your percentage answers to 1 decimal place. Sales Cost of goods sold Gross profit Operating expenses Net Income GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year % 100.0 Current Year S $ $ 740,000 568,100 171,900 128,000 43,900 Prior Year $ $ $ 690,000 291,000 399,000 226,400 172,600 Prior Year % Reason for Decline in Not Ing
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