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A contribution income statement for the Nantucket Inn is shown below. (Ignore income taxes.) Revenue $ 1,100,000 Less: Variable expenses 616,000 Contribution margin $ 484,000

A contribution income statement for the Nantucket Inn is shown below. (Ignore income taxes.) Revenue $ 1,100,000 Less: Variable expenses 616,000 Contribution margin $ 484,000 Less: Fixed expenses 363,000 Net income $ 121,000 Required: Show the hotels cost structure by indicating the percentage of the hotels revenue represented by each item on the income statement. Suppose the hotels revenue declines by 20 percent. Use the contribution-margin percentage to calculate the resulting decrease in net income

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