Exercise 13-4 (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. 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. Sales Cost of goods sold Gross profit Operating expenses Net income GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % 760,000 570,800 $ 189,200 129,200 60,000 $ Income Statement Prior Year $ $ $ 645,000 284,400 360,600 232,400 128,200 Prior Year % Reason for Decline in Net Income >

Exercise 13-4 (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. Express the following comparative income statements in common-size percents. Notr: Round your percentage answers to 1 decimal place