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 >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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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.
Reason for
Decline in Net
Income
Statement
Income
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
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. Reason for Decline in Net Income Statement Income 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
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