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Express the following comparative income statements in common-size percents. Using the common-size percents, which item is mos responsible for the decline in net income? Complete

Express the following comparative income statements in common-size percents. Using the common-size percents, which item is mos 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. (Round your percentage answers to I decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % Sales $ 780,000 S 655,000 Cost of goods sold 568,100 297,600 Gross profit 211,900 357,400 Operating expenses 126,000 250,400 Net Income 83.900 $ 107,000 Reason for Decline in Net Income >

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