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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 Prior Year
Sales $740,000 $625,000
Cost of goods sold 560,300 290,800
Gross profit 179,700 334,200
Operating expenses 128,200 218,500
Net income $51,500 $115,700
Required:
Using the common-size percentages, which item is most responsible for the decline in net income?
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Express the following comparative income statements in common-size percents. (Round your percentage...
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