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Exercise $13-4($Algo$)$ Computing and interpreting common$-$size percents LO P$2$

$4$

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$\backslash$table$[[$eBook$],[$Hint$],[$Ask$],[$Print$],[$References$]]$

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.

$\backslash$table$[[\backslash$table$[[$Income$],[$Statement$]],\backslash$table$[[$Reason for$],[$Decline in Net$],[$Income$]],,,,,],[\backslash$table$[[$Express the following comparative income statements in common$-$size percents.$],[$Note: 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$,,$$$,745,000,,$$$,670,000,],[$Cost of goods,old,,$568,100,,,299,800,],[$Gross profit,,,$176,900,,,370,200,],[$Operating expe,nses,,$129,200,,,254,000,],[$Net income,,$$,47,700,,$$$,116,200,]]$

$4$ points

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Exercise $13-4($Algo$)$ Computing and interpreting common$-$size percents LO P$2$

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

Reason for Statement Decline in Net Income

Using the common$-$size percents, which item is most responsible for the decline in net income?

Using the common$-$size percents, which item is most responsible for the decline in net income?

Income Statement