Check my world 2 Exercise 14-1 Common-Size Income Statement (LO14-1) 2.5 Solnts A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: X 03:4746 Last Year $5,578,400 3,507,500 2,070,900 eBook Mckenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,340,000 Cost of goods sold 4,730,000 Gross margin 2,610,000 Selling and administrative expenses: Selling expenses 1,394,000 Administrative expenses 706,000 Total expenses 2,100,000 Net operating income 510,000 Interest expense 97,000 Net income before taxes S 413,000 Hint Print 1,079,500 611,000 1,690,500 380,400 93,000 $ 287,400 References Members of the company's board of directors are surprised to see that net income increased by only $125,600 when sales increased by $1,761,600 Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (.e., 0.1234 should be entered as 12.3).) Net income before taxes $ 413,000 $ 287,400 2 Members of the company's board of directors are surprised to see that net income increased by only $125,600 when sales increased by $1,761,600. 2.5 points Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (l.e., 0.1234 should be entered as 12.3).) 8 03:47.09 This Year Last Year eBook Sales % % Hint % % 0.01% 0.01% Print References % 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 % % 0.0 % % 0.0 % 0.01% 0.0% 1% 0.0 % % 0.0 % 2 of 4 ! Grow HIN