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Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative Income statements...

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Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative Income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Decline in Net Statement 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 Prior Year $ $ Sales $ 735,000 1000 $625.000 Cost of goods sold 562,700 76.6 295.400 Gross profit 172,300 234 329.000 Operating expenses 128,000 238,400 Net income S 44.300 S 91,200 Income Statement Reason for Decline in Net Income > Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common size percentages, which item is most responsible for the decline in net income? Income Statement Reason for Decline in Net Income Using the common-size percentages, which item is most responsible for the decline in net income?

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