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?

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? Reason for Income Decline in Net Statement Income 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 Prior Year $ % s % 725,000 $630,000 560.000 280,000 165,000 350,000 129,200 230,000 $ 35,800 $ 120,000 Sales Cost of goods sold Gross profit Operating expenses Net income Income Statement Reason for Decline in Net Income > 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? Income Statement Reason for Decline in Net Income Using the common-size percentages, which item is most responsible for the decline in net income? Income Statement Reason for Decline in Net Cost of goods sold Operating expenses Sales