Exercise 15-1 Common-Size Income Statement [LO15-1]

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

M chapter 15 Graded Ere ' 1 vain: ' ' 5,00 pains Exerclse 15-1 Common-Sue Income Statement [LO15-1] A comparative income statement is given beiow for McKenzie Saies Ltd , of Toronto, McKenzie Saies, lld, Comparaiive Income Slalemenl Tiris Year Laei Year Sales 07 370 000 05 501 200 Cost of goods sold 4 MD 000 3 507,000 Gross margin 2 750 000 2,094,200 Seliing and adminrsrranve expenses: Seiiing expenses 1 382 000 i 074 500 Administranve expenses 705.000 609.000 Toiai expenses 2 088 000 1.683 500 Ne! operating income 672,000 4i0,700 Inieresi expense i02 000 03,000 Mei mome heiore iaxes 0 570 000 0 w 700 Members oi me company's bnavd oi drreoiors are surprised in see mar nei meme mreased by oniy $252 300 when saie: increased by $1 756 600 Required: 1 Express eaon yeans income sraremenr in common-size peroenrages (Round your pereerrrage answers in 1 decimal place (i.e.. 0.1234 should be emered as12.3).) = Saies '70 Cosr oi goods soid \"/0 % Gvoss margin 00 "1.. 0 0 % Seiiing and adminisiraiive expenses Seiiing expenses 0.. % Administralive expenses 0s "A, Toiai seiiing and administrative expenses 0.0 \"/0 0.0 We Ner opereerng meme 0 0 0., 0,0 % Inreresi expense \"70 \"/a Nei income before taxes 00 \"Jr, 0 0 \"A