Question: Exercise 13-4 Computing and interpreting common-size percents @P20 Compute common-size percents for the following comparative income statements (round percents to one decimal). Using the common-size

Exercise 13-4 Computing and interpreting common-size percents @P20 Compute common-size percents

Exercise 13-4 Computing and interpreting common-size percents @P20 Compute common-size percents for the following comparative income statements (round percents to one decimal). Using the common-size percents, which item is most responsible for the decline in net income? GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Yr Prior Yr $740,000 $625,000 560,300 290,800 Sales Cost of goods sold Gross profit Operating expenses Net income 179,700 334,200 128,200 218,500 $ 115,700 $ 51,500

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