Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is...
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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 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 $ % $ % Sales Cost of goods sold Gross profit $ 755,000 $645,000 568,100 295,400 186,900 349,600 Operating expenses 128,000 230,000 Net income $ 58,900 $119,600 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 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 $ % $ % Sales Cost of goods sold Gross profit $ 755,000 $645,000 568,100 295,400 186,900 349,600 Operating expenses 128,000 230,000 Net income $ 58,900 $119,600
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