Ch. 13: Homework 3 1.62 points Saved Help Save & Exit Submit Exercise 13-4 (Algo) Computing and interpreting common-size percents LO P2 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. eBook Income Statement Hint Reason for Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) Print GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ References Sales S 765,000 Cost of goods sold 565,400 Current Year % Prior Year $ 100.0 $ 640,000 293,200 Prior Year % 100.0 Gross profit 199,600 346,800 Operating expenses 129,200 237,200 Net income S 70,400 $ 109,600 < Income Statement Reason for Decline in Net Income > Mc Graw Hill < Prev 3 of 19 Next > Check my work