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EXERCISE 15-1 Common-Size Income Statement (L015-1) A comparative income statement is given below for McKenzie...

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EXERCISE 15-1 Common-Size Income Statement (L015-1) A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto McKenzie Sales, Ltd. Comparative Income Statement Sales . Cost of goods sold.... Gross margin Selling and administrative expenses: 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 1,092,000 618,000 2.192,000 1,710,000 824,000 774,000 84,000 $ 728,000 $ 690,000 Selling expenses 712,000 Administrative expenses Total expenses . Net operating income Interest expense Net income before taxes . 96,000

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