Express the following comparative income statements in common-size percents. Using the common-size percents, which item is...

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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. 41 Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: Round your percentage answers to 1 decimal place. GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % Sales $ 785,000 $ 675,000 t Cost of goods sold 562,700 288,800 Gross profit 222,300 386,200 nces Operating expenses 128,000 273,200 Net income $ 94,300 $ 113,000 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. 41 Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: Round your percentage answers to 1 decimal place. GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % Sales $ 785,000 $ 675,000 t Cost of goods sold 562,700 288,800 Gross profit 222,300 386,200 nces Operating expenses 128,000 273,200 Net income $ 94,300 $ 113,000

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To express the comparative income statements in commonsize percents we can calculate each item as a ... View the full answer