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  3. express the following comparative income statement

Express the following comparative income statements in common-size percents (vertical analysis). (Round your percentage answers...

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Accounting

Express the following comparative income statements in common-size percents (vertical analysis). (Round your percentage answers to 1 decimal place.)

GOMEZ CORPORATION

Comparative Income Statements

For Years Ended December 31, 2018 and 2017

2018

2017

$

%

$

%

Sales

$740,000

?

$625,000

?

Cost of goods sold

560,300

?

290,800

?

Gross profit

179,700

?

334,200

?

Operating expenses

128,200

?

218,500

?

Net income

$51,500

?

$115,700

?

What is your analysis of the companys situation? (comment on each of the line item changes).

Sales:

Cost of Goods Sold:

Gross Profit:

Operating Expenses:

Net Income:

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