GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Yr Prior Yr Sales .... $740,000 $625,000 Cost of goods sold.. Gross profit.... Operating expenses. Net income. 560,300 290,800 179,700 334,200 128,200 218,500 $ 51,500 $115,700
GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Yr Prior Yr Sales .... $740,000 $625,000 Cost of goods sold.. Gross profit.... Operating expenses. Net income. 560,300 290,800 179,700 334,200 128,200 218,500 $ 51,500 $115,700
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.4.7P
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Question
Compute common-size percents for the following comparative income statements (round percents to one
decimal). Using the common-size percents, which item is most responsible for the decline in net income?
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