a comparative income statement is given below for mckenzie sales ltd 1552132

A comparative income statement is given below for McKenzie Sales. Ltd.. of Toronto.

McKenzie Sales. Ltd. Comparative Income Statement This Year Last Year Sales $7,370.000 $5,601,200 Cost of goods sold 4,720,000 3,511,000 Gloss margin 2.650.000 2.090,200 Selling and administrative expenses_ Selling expenses 1.388,000 1.079.500 Administrative expenses 709,000 608.500 Total expenses 2.097,000 1,688.000 Net operating income 553.000 402,200 Interest expense 100.000 93.000 Net income before taxes $ 453.000 $ 309,200

Members of the company’s board of directors are surprised to see that net income increased by only $143.800 when sales increased by S1,768.800

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)4 Sales 100.0 % 100.0 % Cost of goods sold Gross margin 100.0 % 100.0 % Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses 00 % 00 % Net operating income interest expense 100.0 % 100 0 % Net income before taxes 100,0 % 100.0

Attachments:

number-15-pra….jpg