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. Reason for Income Decline in Net Income Statement Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % Sales $ 795,000 $ 665,000 Cost of goods sold 568,100 288,800 Gross profit 226,900 376,200 Operating expenses 129,200 234,800 Net income $ 97,700 $ 141,400 < Income Statement Reason for Decline in Net Income >
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. Reason for Income Decline in Net Income Statement Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % Sales $ 795,000 $ 665,000 Cost of goods sold 568,100 288,800 Gross profit 226,900 376,200 Operating expenses 129,200 234,800 Net income $ 97,700 $ 141,400 < Income Statement Reason for Decline in Net Income >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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