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Express the following comparative income statements in common size percents. Using the common size percentages,...

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Accounting

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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 Statement Dedine 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 Year Ended December 31 Current Year Prior Year 5 % $ % $ 750.000 S 635,000 568, 100 280,000 181,900 355,000 129,200 264,800 $ 52.700 $ 90,200 Sales Cost of goods sold Gross proft Operating expenses Net income ng Sa Reason for Decline in Net Income >

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