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 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 $ Current Year % Prior Year $ Prior Year % Sales $ 760,000 100.0 $ 670,000 Cost of goods sold 565,400 291,000 Gross profit 194,600 379,000 Operating expenses 130,400 227,600 Net income 2$ 64,200 $ 151,400

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 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 $ Current Year % Prior Year $ Prior Year % Sales $ 760,000 100.0 $ 670,000 Cost of goods sold 565,400 291,000 Gross profit 194,600 379,000 Operating expenses 130,400 227,600 Net income 2$ 64,200 $ 151,400

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Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter13: Financial Statement Analysis

Section: Chapter Questions

Problem 13.18MCE

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