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A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: ...

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Accounting

A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto:

McKenzie Sales, Ltd. Comparative Income Statement
This Year Last Year
Sales $ 7,330,000 $ 5,570,800
Cost of goods sold 4,730,000 3,513,000
Gross margin 2,600,000 2,057,800
Selling and administrative expenses:
Selling expenses 1,383,000 1,079,000
Administrative expenses 710,000 615,500
Total expenses 2,093,000 1,694,500
Net operating income 507,000 363,300
Interest expense 98,000 92,000
Net income before taxes $ 409,000 $ 271,300

Members of the companys board of directors are surprised to see that net income increased by only $137,700 when sales increased by $1,759,200.

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).)

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