5 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? 3 Sk Income Reason for Decline in Net Statement Income Express the following comparative Income statements in common-size percents. (Round your percentage answers to 1 decimal place.) t ut GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year % % $ 785,000 100.0 $ 670,000 100.0 562,700 7.2 293,200 222,300 376,800 128,000 246,800 $ 94,300 $ 130,000 ces Sales Cost of goods sold Gross profit Operating expenses Net income Income Statement Reason for Decline in Net Income