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Business, 28.05.2021 14:00, andrwisawesome0
Express the following comparative income statements in common-size percents.
Using the common-size percentages, which item is most responsible for the decline in net income?
Income Statement Reason for
Decline in Net Income
GOMEZ CORPORATION
Comparative Income Statements
For Years Ended December 31
Current Year Prior Year %
Sales 770,000 $635,000
Cost of goods sold 568,100 284,400
Gross profit 201,900 350,600
Operating expenses 129,200 262,400
Net income 72,700 88,200
Using the common-size percentages, which item is most responsible for the decline in net income?
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Answers: 1
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Express the following comparative income statements in common-size percents.
Using the common-siz...
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