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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
Express the following comparative income statements in commonsize percents. Using the commonsize percents, which item is most responsible for the decline in net income?
Complete this question by entering your answers in the tabs below.
Income
Reason for
Statement
Decline in Net
Income
Express the following comparative income statements in commonsize percents.
Note: Round your percentage answers to decimal place.
tableGOMEZ CORPORATIONComparative Income StatementsFor Years Ended December tableSalesCurrent Year $Current Year Prior Year $Prior Year $$Cost of goods sold,,Gross profit,,Operating expenses,,Net income,$$
Incoma statument
Reason for Decline in Net Income
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