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 Statement

Reason for

Decline in Net

Income

Express the following comparative income statements in corimon$-$size percents.

Note: Round your percentage answers to $1$ decimal place.

$\backslash$table$[[$GOMEZ CORPORATION$],[$Comparative Income Statements$],[$For Years Ended December $31],[,$Current Year $$,$Current Year $\%,$Prior Year $$,$Prior Year $\%],[$Sales$,$$$,755,000,$$$,680,000],[$Cost of goods sold,,$565,400,,,286,600,],[$Gross profit,,$189,600,,,393,400,],[$Operating expenses,,$130,400,,,231,200,],[$Net income,$$,59,200,,$$$,162,200,]]$

Income Statement