5 Exercise 13-4 Computing and interpreting common-size percents LO P2 2.22 points Express the following...
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5 Exercise 13-4 Computing and interpreting common-size percents LO P2 2.22 points 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? eBook Hint Income Reason for Decline in Net Statement Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) Print References GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % $ % $ 725,000 100.0 $ 660,000 100.0 562,700 288,800 162,300 371,200 128,000 280,400 $ 34,300 $ 90,800 Sales Cost of goods sold Gross profit Operating expenses Net income Income Statement Reason for Decline in Net Income >
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