Question: Exercise 17-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is

Exercise 17-4 Computing and interpreting common-size percents LO P2 Express the

Exercise 17-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Statement Dedine 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 Prior Year $ 96 5 Sales 5 785.000 100,0 $ 640,000 1000 Cost of goods sold 565,400 291 000 Gross profit 219.600 349.000 Operating expenses 128,000 232,400 Net Income $ 5 116.600 91.600

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