Express the following comparative income statements in common-size percent. Using the common-size percentages, which item is most responsible for the decline in net income?
GOMEZ CORPORATION
Comparative Income Statements
For Years Ended December 31, 2015 and 2014
2015 2014
$ % $ %
Sales $750,000 $695,000
Cost of goods sold 568,100 288,800
Gross profit 181,900 406,200
Operating expenses 128,000 272,000
Net income $53,900 $134,200
Answers: 2
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Answers: 2
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