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Question - Common-Size Income Statement
A comparative income statement is given below for McKenzie Sales Ltd., of Toronto
McKenzie Sales, Ltd. Comparative Income Statement
This Year
Last Year
Sales
$7,370,00
$5,601,200
Cost of goods sold
4,610,000
3,507,000
Gross margin
2,760,000
2,094,200
Selling and administrative expenses:
Selling expenses
1,382,000
1,074,500
Administrative expenses
706,000
609,000
Total expenses
2,088,000
1,683,500
Net operating income
672,000
410,700
Interest expense
102,000
93,000
Net income before taxes
$570,000
$317,700
Members of the company's board of directors are surprised in see that net income increases by only $252,300 when sales increased by$1,768,800.
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