37:54 D Exercise 17-4 (Algo) Computing and interpreting common-size percents LO P2 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. k Income Statement Reason for Decline in Net Income aces 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 $ Current Year % Prior Year $ Prior Year % Sales $ 785,000 $ 655,000 Cost of goods sold 562,700 299,800 Gross profit 222,300 355,200 Operating expenses 129,200 273,200 Net income $ 93,100 $ 82,000 Income Statement Reason for Decline in Net Income > Next >