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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

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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 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 dedmal place) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Years Current Year Prior Year $ Prior Year Sales $ 790,000 100.0 $ 655,000 1000 Cost of goods sold 560,000 70.9 291,000 Gross profit 230,000 29.1 364,000 Operating expenses 128,000 16 2 240,800 Net income S 102,000 129 s 123 200

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