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ThatDudeLv1
25 Jul 2022
URGENT: please solve. All information and directions are there
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 $ 233,000 when sales increased by $ 1,752,000.
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
0.00
%
0.00
%
Selling and administrative expenses:
Selling expenses
%
%
Administrative expenses
%
%
Total selling and administrative expenses
0.00
%
0.00
%
Net operating income
0.00
%
0.00
%
Interest expense
%
%
Net income before taxes
0.00
%
0.00
%
URGENT: please solve. All information and directions are there
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 $ 233,000 when sales increased by $ 1,752,000.
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 | 0.00 | % | 0.00 | % |
| Selling and administrative expenses: | ||||
| Selling expenses | % | % | ||
| Administrative expenses | % | % | ||
| Total selling and administrative expenses | 0.00 | % | 0.00 | % |
| Net operating income | 0.00 | % | 0.00 | % |
| Interest expense | % | % | ||
| Net income before taxes | 0.00 | % | 0.00 | % |
annyong558Lv10
25 Nov 2023
shitalbhusare12Lv10
30 Jul 2022
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rupakrajput5Lv3
26 Jul 2022
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