A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement This Year Sales Cost of goods sold $ 7,300,000 4,700,000 Last Year $ 5,548,000 3,510,000 Gross margin 2,600,000 2,038,000 Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income 1,379,000 1,075,500 710,500 610,500 2,089,500 1,686,000 Interest expense Net income before taxes 510,500 352,000 102,000 89,000 $ 408,500 $ 263,000 The company's board of directors is surprised to see net income increased by only $145,500 when sales increased by $1,752,000. Required: 1. Express each year's income statement in common-size percentages. Note: 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 0.0 % 0.0 % Selling and administrative expenses: Selling expenses % % Administrative expenses % % Total selling and administrative expenses 0.0 % 0.0 % Net operating income 0.0 % 0.0 % Interest expense % % Net income before taxes 0.0 % 0.0 %

A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement This Year Sales Cost of goods sold $ 7,300,000 4,700,000 Last Year $ 5,548,000 3,510,000 Gross margin 2,600,000 2,038,000 Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income 1,379,000 1,075,500 710,500 610,500 2,089,500 1,686,000 Interest expense Net income before taxes 510,500 352,000 102,000 89,000 $ 408,500 $ 263,000 The company's board of directors is surprised to see net income increased by only $145,500 when sales increased by $1,752,000. Required: 1. Express each year's income statement in common-size percentages. Note: 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 0.0 % 0.0 % Selling and administrative expenses: Selling expenses % % Administrative expenses % % Total selling and administrative expenses 0.0 % 0.0 % Net operating income 0.0 % 0.0 % Interest expense % % Net income before taxes 0.0 % 0.0 %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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