1 1 points eBook Hint References 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: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses This Year This Year $ 7,300,000 4,740,000 2,560,000 % % % 1,373,000 705,500 2,078,500 Members of the company's board of directors are surprised to see that net income increased by only $117,000 when sales increased by $1,752,000. % 481,500 99,000 $382,500 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).) Last Year Last Year $5,548,000 3,508,500 2,039,500 % % % 1,079,500 609,500 1,689,000 350, 500 85,000 $265,500 %

A comparative income statement is given below for McKenzle Soles, Limited of Toronto: Members of the companys baud of directors are surprised to see that net iricome increased by only $117,000 when salee incieased by $1,152,000 Required: 1. Express cach ycar's income statement in common size percentages (Round your percentage answers to 1 decimal place (i,e., 0.1234 should be entered as 12.31)