1 A comparative income statement is given below for McKenzie Sales, Ltd. of Toronto Last Year 55,586,000 3.511,5 2.024 50 Hetentie Sales, no Comparative Income Statement This Year Sales $7,350,000 Cost of goods sold 4,720,000 Gross margin 2.630.000 Selling and ministrative expenses Selling expenses 1,993,000 Administrative expenses 205, NO Total expenses 2,098, NND Net operating income 532,000 Interest expense 104,000 Net Income before taxes 5 420.000 Took 1,073,000 1,691,000 383,500 90.000 $ 293,500 int Members of the company's board of directors are surprised to see that net income increased by only $134,500 when sales increase by $1764,000 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place tie.. 0.1234 should be entered as 12.3).) aces This Year Last Year % 001% 0.01% % 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 RR 00% 001% 0.01% 00% 96 0.01% 00% Prev 1 of 9 Next