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Chapter 14 Homework 1 1 A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: 1.42 points Last Year $5,608,800 3,513,500 2,095,300 Mckenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,380,000 Cost of goods sold 4,780,000 Gross margin 2,600,000 Selling and administrative expenses: Selling expenses 1,392,000 Administrative expenses 704,500 Total expenses 2,096,500 Net operating income 503,500 Interest expense 97,000 Net income before taxes $ 406,500 eBook 1,072,500 613,500 1,686,000 409,300 94,000 $ 315, 300 000 Hint References Members of the company's board of directors are surprised to see that net income increased by only $91,200 when sales increased by $1.771.200. 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).) This Year Last Year Sales % % % % % % % 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 % % % % % % % % % %