Check my work 1 Exercise 14-7 Trend Percentages [LO14-1) 25 points Rotorua Products, Ltd., of New Zealand markets agricultural products for the burgeoning Asian consumer market. The company's current assets, current liabilities, and sales over the last five years (Year 5 is the most recent year) are as follows: Sales eBook Cash Accounts receivable, net Inventory Total current assets Current liabilities Year 1 $4,630,090 $ 85,127 404,385 806,869 $1,296, 381 $ 310,120 Year 2 $4,871,860 $ 93,320 422,241 866,348 $1,381,909 $ 345,876 Year 3 $5,048, 430 96,726 443,079 835, 221 $1,375, 026 $ 329,748 Year 4 $5,535, 810 $ 80,992 506,723 881,910 $1,469,625 $ 329,836 Year 5 $5,717,860 $ 76,894 569,894 914,781 $1,561,569 $ 401,905 Print D References Required: 1. Express all of the asset, liability, and sales data in trend percentages. Use Year 1 as the base year. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) Year 1 Year 2 Year 3 Year 4 Year 5 Sales % % % % Current assets: Cash % % % % % % % % % % % % % Accounts receivable Inventory Total current assets Current liabilities % % % % % % % 1% % A comparative income statement is given below for Mckenzie Sales, Ltd., of Toronto: Last Year $5,555,600 3,508,000 2,047,600 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,310,000 Cost of goods sold 4,730,000 Gross margin 2,580,000 Selling and administrative expenses: Selling expenses 1,375,000 Administrative expenses 704,500 Total expenses 2,079,500 Net operating income 500,500 Interest expense 104,000 Net income before taxes $ 396,500 1,073,000 608,500 1,681,500 366,100 90,000 $ 276, 100 Members of the company's board of directors are surprised to see that net income increased by only $120,400 when sales increased by $1,754,400. 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).) This Year Last Year 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 % % % % % % % % % %