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

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Accounting

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

McKenzie Sales, Limited Comparative Income Statement
This Year Last Year
Sales $ 7,350,000 $ 5,586,000
Cost of goods sold 4,760,000 3,514,000
Gross margin 2,590,000 2,072,000
Selling and administrative expenses:
Selling expenses 1,398,000 1,072,000
Administrative expenses 710,500 612,000
Total expenses 2,108,500 1,684,000
Net operating income 481,500 388,000
Interest expense 100,000 91,000
Net income before taxes $ 381,500 $ 297,000

Members of the companys board of directors are surprised to see that net income increased by only $84,500 when sales increased by $1,764,000.

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).)

- sales

- csot of goods sold

- gross margin

- selling and administrative expenses

selling expenses

administrative expenses

- total selling and administrative expenses

- net operating income

- interest expenses

- net income before taxes

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