Exercise 14 1 Algo Common Size Income Statement L014 1 A Comparative Income Statement Is Given Below For Mckenzie Sa 1 (30.91 KiB) Viewed 36 times
Exercise 14 1 Algo Common Size Income Statement L014 1 A Comparative Income Statement Is Given Below For Mckenzie Sa 2 (28.99 KiB) Viewed 36 times
Exercise 14-1 (Algo) Common-Size Income Statement (L014-1] A comparative income statement is given below for McKenzie Sales, Limited, of Toronto Mekere sales, Limited Comparative Income Statement This Year Last Year Sales $7,500,000 55,600.000 Cost of goods sold 4.780,000 3,514,000 Grossmarin 2,600,000 2,094,500 Selling and administrative expenses Selling expenses 1.397,000 1,081,500 Administrative expenses 705,500 611,000 Total expenses 2,102,500 1,694,500 Net operating Income 497,500 300 Interest expense 102,000 15.00 Net Income before taxes $ 395,500 $315,500 Members of the company's board of directors are surprised to see that niet income increased by only 580,200 when sales increased by $1771,200 Required: 1 Express each year's income statement in common-size percentages (Round your percentage answers to 1 decimal place (... 0.1234 should be entered os 12.3).)
Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place 0.1234 should be entered os 12.3).) % % 0.0 % % % 0.01% % 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 9 % 0.01% RS 0.0 % % 00% % 0.0% 0.0 % % 00%
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