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need help Complete this question by entering your answers in the tabs below. Income Reason for Decline in Net Statement Income Express the following comparative
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Complete this question by entering your answers in the tabs below. Income Reason for Decline in Net Statement Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) Prior Year Sales Cost of goods sold Gross profit Operating expenses Net income GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year 5 Current Year % Prior Years $ 725,000 $ 655,000 568,100 282,200 156,900 372 800 129,200 221,600 $ 27.700 $ 151,200 Incomitement Reason for Decline in Net Income > 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 Statement Reason for Decline in Net Income Using the common-size percents, which item is most responsible for the decline in net income? Using the common site percent, which form in most responsible for the decline in net income? Step by Step Solution
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