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A comparative income statement is given belowtor McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement This Year Last Year Sales $ ?,396,666
A comparative income statement is given belowtor McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement This Year Last Year Sales $ ?,396,666 $ 5,515,499 Cost of goods sold 4,??6,666 3,513,566 Gross margin 2,626,666 2,192,966 Selling and administrative expenses: Selling expenses 1,39?,@66 1,6??,@66 Administrative expenses 162,666 614,666 Total expenses 2,699,666 1,691,666 Net operating income 521,666 411,966 Interest expense 163,666 SL666 Net income before taxes 5 413,966 5 324,966 Members of the company's board of directors are surprised to see that net income increased by only $93100 when sales increased by $1,773,600. Required: 1. Express each year's income statement in commonsize 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: Selling expenses Administrative expenses Total selling and administrative expenses N et 0 perating in come Interest expense Net income before taxes
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