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

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A comparative income statement is given below for McKenzie Sales. Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement This Year Sales $ 7,400,000 Last Year $ 5,624,000 Cost of goods sold Gross margin 4,780,000 2,620,000 3,506,500 2,117,500 Selling and administrative expenses: Selling expenses Total expenses Administrative expenses 1,393,000 1,077,500 708,500 609,500 2,101,500 1,687,000 Net operating income) Interest expense Net income before taxes 518,500 98,000 $ 420,500 430,500 92,000 $ 338,500 Members of the company's board of directors are surprised to see that net income increased by only $82,000 when sales Increased by $1,776,000. 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 Cost of goods sold Gross margin Selling and administrative expenses This Year Last Year % % % % % Selling expenses Administrative expenses at at % % % Total selling and administrative expenses % Net operating income % % Interest expense % % Net income before taxes A comparative income statement is given below for McKenzie Sales. Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement This Year Sales $ 7,400,000 Last Year $ 5,624,000 Cost of goods sold Gross margin 4,780,000 2,620,000 3,506,500 2,117,500 Selling and administrative expenses: Selling expenses Total expenses Administrative expenses 1,393,000 1,077,500 708,500 609,500 2,101,500 1,687,000 Net operating income) Interest expense Net income before taxes 518,500 98,000 $ 420,500 430,500 92,000 $ 338,500 Members of the company's board of directors are surprised to see that net income increased by only $82,000 when sales Increased by $1,776,000. 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 Cost of goods sold Gross margin Selling and administrative expenses This Year Last Year % % % % % Selling expenses Administrative expenses at at % % % Total selling and administrative expenses % Net operating income % % Interest expense % % Net income before taxes