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. 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 $ Sales $ 725,000 Current Year % 100.0 $ Prior Year $ Prior Year % 690,000 100.0 Cost of goods sold 560,000 293,200 Gross profit 165,000 396,800 Operating expenses 130,400 17.9 276,800 Net income $ 34,600 $ 120,000 < Income Statement Reason for Decline in Net Income > 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. Note: Round your percentage answers to 1 decimal place. GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Sales $ 725,000 Current Year % 100.0 $ Prior Year $ Prior Year % 690,000 100.0 Cost of goods sold 560,000 293,200 Gross profit 165,000 396,800 Operating expenses 130,400 17.9 276,800 Net income $ 34,600 $ 120,000 < Income Statement Reason for Decline in Net Income >