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Fork Saved 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. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: 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 $ 775,000 $ 635,000 Cost of goods sold 570,800 284,400 Gross profit 204,200 350,600 Operating expenses 129,200 248,000 Net income $ 75,000 $ 102,600

Fork Saved 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. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: 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 $ 775,000 $ 635,000 Cost of goods sold 570,800 284,400 Gross profit 204,200 350,600 Operating expenses 129,200 248,000 Net income $ 75,000 $ 102,600

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter17: Financial Statement Analysis
Section: Chapter Questions
Problem 1AP
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Fork Saved 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. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: 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 $ 775,000 $ 635,000 Cost of goods sold 570,800 284,400 Gross profit 204,200 350,600 Operating expenses 129,200 248,000 Net income $ 75,000 $ 102,600 <Income Statement* Reason for Decline in Net Income >
Transcribed Image Text:Fork Saved 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. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: 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 $ 775,000 $ 635,000 Cost of goods sold 570,800 284,400 Gross profit 204,200 350,600 Operating expenses 129,200 248,000 Net income $ 75,000 $ 102,600 <Income Statement* Reason for Decline in Net Income >
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