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. (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 % 725,000 $ 568,100 156,900 128,000 28,900 $ K Income Statement Prior Year $ $ $ 680,000 284,400 395,600 261,200 134,400 Prior Year % Reason for Decline in Net Income >

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. 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. (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 %
725,000
$
568,100
156,900
128,000
28,900
$
Income Statement
Prior Year $
$
680,000
284,400
395,600
261,200
134,400
Prior Year %
Reason for Decline in Net Income
>
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Transcribed Image Text:es 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. (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 % 725,000 $ 568,100 156,900 128,000 28,900 $ Income Statement Prior Year $ $ 680,000 284,400 395,600 261,200 134,400 Prior Year % Reason for Decline in Net Income > < Prev 2 of 15
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