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Exercise 16-1 (Algo) Common-Size Income Statement [LO16-1] A comparative income statement is given below for...

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Accounting

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Exercise 16-1 (Algo) Common-Size Income Statement [LO16-1] A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: The company's board of directors is surprised to see net income increased by only $271,700 when sales increased by $1,771,200. Required: 1. Express each year's income statement in common-size percentages. Note: Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3 ). The company's board of directors is surprised to see net income increased by only $271,700 when sales increased by $1, Required: 1. Express each year's income statement in common-size percentages. Note: Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3 )

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