es Exercise 13-4 (Static) 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. 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.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Sales Cost of goods sold Gross profit Operating expenses Net income Prior Year $ % $ $ 740,000 $ 625,000 560,300 290,800 179,700 334,200 128,200 218,500 $ 51,500 S 115,700 Income Statement Reason for Decline in Net Income >