Chapter 14 Graded Homework You skipped this question in the previous attempt. 2 Gross margin 2,570,000 2,064,300 Selling

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Chapter 14 Graded Homework You Skipped This Question In The Previous Attempt 2 Gross Margin 2 570 000 2 064 300 Selling 1 (45.97 KiB) Viewed 40 times

Chapter 14 Graded Homework You Skipped This Question In The Previous Attempt 2 Gross Margin 2 570 000 2 064 300 Selling 2 (39.28 KiB) Viewed 40 times

Chapter 14 Graded Homework You Skipped This Question In The Previous Attempt 2 Gross Margin 2 570 000 2 064 300 Selling 3 (39.28 KiB) Viewed 40 times

Chapter 14 Graded Homework You skipped this question in the previous attempt. 2 Gross margin 2,570,000 2,064,300 Selling and administrative expenses: Selling expenses 1,377,000 1,073,000 Administrative expenses 707,000 609,000 Total expenses 1,682,000 2,084,000 486,000 96,000 382,300 Net operating income Interest expense 88,000 Net income before taxes. $ 390,000 $ 294,300 eBook Members of the company's board of directors are surprised to see that net income increased by only $95,700 when sales by $1,759,200. Hint Required: Punt 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal ple 0.1234 should be entered as 12.3).) References 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 14.28 points % % 0.0% ** % % 0.0% 0.0% % 0.0% % % 0.0% % % 00% 00% % 0.0 %
Chapter 14 Graded Homework 2 14.28 points sapped ellook Hint Print References Seved You skipped this question in the previous attempt. Exercise 14-1 (Algo) Common-Size Income Statement [LO14-1] A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement This Year Last Year Sales $7,330,000 $5,570,800 Cost of goods sold 4,760,000 3,500,500 Gross margin 2,570,000 2,064,300 Selling and administrative expenses: Selling expenses 1,377,000 1,073,000 Administrative expenses 707,000 609,000 Total expenses 2,084,000 1,602,000 Net operating income Interest expense 486,000 96,000 382,300 88,000 Net income before taxes $ 390,000 $ 294,300 Members of the company's board of directors are surprised to see that net income increased by only $95,700 when sales increased by $1,759,200. 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 % % % 1%