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  3. express the following comparative income statement

Express the following comparative income statements in common-size percents. Using the common-size percents, which item...

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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? Answer is not complete. Complete this question by entering your answers in the tabs below. 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.) 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 Current Year Prior Year $ % 745,000 $ 640,000 565,400 291.000 179,000 349,000 130.400 255,200 $ 49,200 $ 93.800

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