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  1. business
  2. accounting
  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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Accounting

Express the following comparative income statements in common-size percents. Using the common-size percents, which item is mos responsible for the decline in net income?
Complete this question by entering your answers in the tabs below.
Income
Reason for Statemegnt Decline in Net Income
Express the following comparative income statements in common-size percents.
Note: Round your percentage answers to 1 decimal place.
\table[[GOMEZ CORPORATION],[Comparative Income Statements],[For Years Ended December 31],[,Current Year $,Current Year %,Prior Year $,Prior Year %],[Sales,$,780,000,100.0,625,000,100.0],[Cost of goods sold,568,100,72.8,284,400,45.5],[Gross profit,211,900,37.3,340,600,119.8],[Operating expenses,128,000,60.4,257,600,75.6],[Net income,,65.6,83,000,32.2]]
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