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Reason for Income Statedent Decline in Net Income Express the following comparative income statements in...

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Accounting

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Reason for Income Statedent Decline in Net Income Express the following comparative income statements in common size percents (Round your percentage answers to decimal place) GOMEZ CORPORATION Comparative Income Statement For Year Ended December 31 Curen Years Current Year Prior Years $ 700.000 10005 635,000 565.000 71.6 297.500 224.600 28.4 337 400 120.000 10.4 270.000 5 66.000 1215 66,600 Price Year 1000 Sales Cost of goods sold Gospete Operating expenses Nincome Reason for Decline in Net Income> Reason for Income Statement Decline in Net Income Using the common-size percents, which item is most responsible for the decline in net income? Using the common se pescents, which com is most responsible for the deinen net income?

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