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Income Statement 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 $ $ 760,000 568,100 191,900 128,000 $ 63,900 Prior Year $ $635,000 295,400 339,600 234,800 $104,800

Income Statement 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 $ $ 760,000 568,100 191,900 128,000 $ 63,900 Prior Year $ $635,000 295,400 339,600 234,800 $104,800

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Exercise 17-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common size percentages, which item is most responsible for the decline in net income? Income Statement Reason for Decline in Net Income Using the common-size percentages, which item is most responsible for the decline in net income? <Income Statement Reason for Decline in Net Income >
Transcribed Image Text:Exercise 17-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common size percentages, which item is most responsible for the decline in net income? Income Statement Reason for Decline in Net Income Using the common-size percentages, which item is most responsible for the decline in net income? <Income Statement Reason for Decline in Net Income >
Exercise 17-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? 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 $ $ 760,000 568,100 191,900 128,000 S 63,900 % Prior Year $ $635,000 295,400 339,600 234,800 $104,800 Reason for Decline in Net Income
Transcribed Image Text:Exercise 17-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? 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 $ $ 760,000 568,100 191,900 128,000 S 63,900 % Prior Year $ $635,000 295,400 339,600 234,800 $104,800 Reason for Decline in Net Income
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