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

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ces A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: This Year $ 7,330,000 4,670,000 2,660,000 1,389,000 703,000 Last Year $ 5,570,800 3,514,500 2,056,300 1,075,500 Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes 2,092,000 568,000 99,000 $ 469,000 612,000 1,687,500 368,800 90,000 $ 278,800 Members of the company's board of directors are surprised to see that net income increased by only $190,200 when sales increased by $1,759,200. 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 % % Total selling and administrative expenses % % Net operating income % % Interest expense % % Net income before taxes % % ces A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: This Year $ 7,330,000 4,670,000 2,660,000 1,389,000 703,000 Last Year $ 5,570,800 3,514,500 2,056,300 1,075,500 Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes 2,092,000 568,000 99,000 $ 469,000 612,000 1,687,500 368,800 90,000 $ 278,800 Members of the company's board of directors are surprised to see that net income increased by only $190,200 when sales increased by $1,759,200. 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 % % Total selling and administrative expenses % % Net operating income % % Interest expense % % Net income before taxes % %