A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: Members of the company’s board of
Posted: Thu May 19, 2022 3:46 pm
A comparative income statement is given below for McKenzie
Sales, Limited, of Toronto:
Members of the company’s board of directors are surprised to see
that net income increased by only $230,100 when sales increased by
$1,773,600.
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).)
Sales, Limited, of Toronto:
Members of the company’s board of directors are surprised to see
that net income increased by only $230,100 when sales increased by
$1,773,600.
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).)