A comparative income statement follows for McKenzie Sales Ltd., of Toronto: MCKENZIE SALES LTD. Comparative Income...

  

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A comparative income statement follows for McKenzie Sales Ltd., of Toronto: MCKENZIE SALES LTD. Comparative Income Statement For the Years Ended June 30, Year 1 and Year 2 Year 2 Sales Less: Cost of goods sold Gross margin Less: Operating expenses: Selling expenses Administrative expenses Total expenses Net operating income Less: Interest expense Net income before taxes $ Year 1 8,150,000 $ 6,150,000 5,142,650 3,653,100 3,007,350 2,496,900 1,548,500 766,100 2,314,600 692,750 122,250 $ 570,500 1,150,050 707,250 1,857,300 639,600 104,550 S 535,050 Required: 1. Express each year's income statement in common-size percentages. (Round your answers to 1 decimal place.) Sales Less cost of goods sold Gross margin Less operating expenses: Selling expenses Administrative expenses Total expenses Net operating income Less interest expense Net income before taxes Year 2 0.0 % Year 1 0.0 % A comparative income statement follows for McKenzie Sales Ltd., of Toronto: MCKENZIE SALES LTD. Comparative Income Statement For the Years Ended June 30, Year 1 and Year 2 Year 2 Sales Less: Cost of goods sold Gross margin Less: Operating expenses: Selling expenses Administrative expenses Total expenses Net operating income Less: Interest expense Net income before taxes $ Year 1 8,150,000 $ 6,150,000 5,142,650 3,653,100 3,007,350 2,496,900 1,548,500 766,100 2,314,600 692,750 122,250 $ 570,500 1,150,050 707,250 1,857,300 639,600 104,550 S 535,050 Required: 1. Express each year's income statement in common-size percentages. (Round your answers to 1 decimal place.) Sales Less cost of goods sold Gross margin Less operating expenses: Selling expenses Administrative expenses Total expenses Net operating income Less interest expense Net income before taxes Year 2 0.0 % Year 1 0.0 %

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Common Size Income Statement Particulars Year 2 Year 1 S... View the full answer