5.00 points A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto:...
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5.00 points A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd Comparative Income Statement This Year Last Year $7,360,000 $5,593,600 4,670,000 3,509,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: 2,690,000 2,084,600 Selling expenses 1,372,000 1,075,500 Administrative expenses Total expenses Net operating income 711,000 617,500 2,083,000 1,693,000 391,600 607,000 105,000 Interest expense 88,000 Net income before taxes S 502,000 $ 303,600 Members of the company's board of directors are surprised to see that net income increased by only $198,400 when sales increased by $1,766,400 Required 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) This Year ast Year Sales Cost of goods sold Gross margin Selling and administrative expenses 0.01% 0.01% Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
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