Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible 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 % Current Year $ 795,000 $ 562,700 232,300 130,400 101,900 $
Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible 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 % Current Year $ 795,000 $ 562,700 232,300 130,400 101,900 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most
responsible 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 $ Current Year %
795,000
$
562,700
232,300
130,400
101,900
$
<Income Statement
Prior Year $1
$
660,000
291,000
$
369,000
231,200
137,800
Prior Year %
Reason for Decline in Net Income >
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