FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
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?
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.)
GOMEZ CORPORATION
Comparative Income Statements
For Years Ended December 31
Current Year $
Current Year %
Prior Year $
Prior Year %
Sales
2$
750,000
$
690,000
Cost of goods sold
560,000
288,800
Gross profit
190,000
401,200
Operating expenses
129,200
219,200
Net income
$
60,800
$
182,000
Income Statement
Reason for Decline in Net Income >
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Transcribed Image Text: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? 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.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % Sales 2$ 750,000 $ 690,000 Cost of goods sold 560,000 288,800 Gross profit 190,000 401,200 Operating expenses 129,200 219,200 Net income $ 60,800 $ 182,000 Income Statement Reason for Decline in Net Income >
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