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comparative Income statement is given below for McKenzie Sales, Ltd. of Toronto McKenzie Sales, Ltd....

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Accounting

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comparative Income statement is given below for McKenzie Sales, Ltd. of Toronto McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,320, eo Cost of goods sold 4,780,000 Gross margin 2,540,000 Selling and administrative expenses: Selling expenses 1,385,000 Administrative expenses 711,500 Total expenses 2,096,500 Net operating income 443,500 Interest expense 99,000 Net income before taxes $344,500 Last Year $5,563,200 3,511,500 2,051,700 1,080,500 616,500 1,697,000 354,700 86,800 $ 268,700 Members of the company's board of directors are surprised to see that net income increased by only $75,800 when sale increased by $1,756,800 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 100.0 % 96 Last You 100.0 % % 100,01% 100.0% %6 Sales Cost of goods sold Gross margin Selling and administrative expenses. Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes 96 0.01% 100 0% 56 100.0% % 00% 100.0 % 96 100.0 %

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