Exercise 16-1 (Algo) Common-Size Income Statement (LO16-1) A comparative income statement is given below for McKenzie Sales, Ltd. of Toronto Last Year $5,555,600 ),503,500 2,047/100 McKenzie Sales, Ltd. Comparative Income statement This Year Balen $7.910,000 coat of goods sold 4.600,000 GEO margin 2210.000 selling and administrative expensen Selling expenses 1,372,000 Administrative expenses 701,000 Total expenses 2,075,000 Net operating Income 635,000 Interest expense 96,000 Net Income before taxes 5 539,000 1,072,000 609,000 1.681,000 366,100 94.000 $ 272,100 Members of the company's board of directors are surprised to see that net income increased by only $266,900 when sales increased by $1,754,400. Required: 1. Express each year's income statement in common-site percentages. (Round your percentage answers to 1 decimal place (le, 0.1234 should be entered as 12.3).) This Year Last Year Members of the company's board of directors are surprised to see that net income increased by only $266,900 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 .. 0.1234 should be entered as 12.3).) This Year Last Year 4 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 RRRR Prey 1 of 4 ! Next >