A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales,Limited...
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A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales,Limited Comparative Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes Members ofthe company's board of directors are surprised to see that net income increased by only $38,000 when sales Increased by $2,000,000. Required: 1. Express each year's income statement in commo Sales Cost of goods sold Gross margin This Year Last Year $ 8,000,000 $ 6,000,000 4,984,000 3,516,000 3,016,000 2,484,000 1,480,000 1,092,000 712,000 618,000 2,192,000 1,710,000 824,000 774,000 96,000 84,000 $ 728,000 $ 690,000 n-size percentages. (Round your percentage answers to '- decimal place (I.e., 0.1234 should be entered as 12.3).) Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes
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