Question: Exercise 14-1 Common-Size Income Statement [LO14-1] A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Members of the company's board of

 Exercise 14-1 Common-Size Income Statement [LO14-1] A comparative income statement is
given below for McKenzie Sales, Ltd., of Toronto: Members of the company's

Exercise 14-1 Common-Size Income Statement [LO14-1] A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Members of the company's board of directors are surprised to see that net income increased by only $132,600 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 (i.e.. 0.1234 should be entered as 12.3).) 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).)

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