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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 in net income? Complete

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?

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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 common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Years Current Year % Prior Year $ $ 740,000 100.00 $ 625,000 560,300 290,800 179,700 334,200 128,200 218,500 $ 51,500 $ 115,700 Prior Year % 100.0 Sales Cost of goods sold Gross profit Operating expenses Net income Income Statement Reason for Decline in Net Income >

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