This Year | Last Year | |
Sales | 100% | 100% |
Cost of goods sold | 63.2% | 63.0% |
Gross margin | 36.8% | 37.0% |
Selling and administrative expenses: | ||
Selling expenses | 19.0% | 19.3% |
Administrative expenses | 9.7% | 11.1% |
Total Selling and administrative expenses | 28.8% | 30.3% |
Net operating income | 8.1% | 6.7% |
Interest expense | 1.4% | 1.6% |
Net income before taxes | 6.7% | 5.1% |
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A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd....
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $ 7,370,000 $ 5,601,200 Cost of goods sold 4,700,000 3,508,500 Gross margin 2,670,000 2,092,700 Selling and administrative expenses: Selling expenses 1,396,000 1,079,000 Administrative expenses 706,000 616,000 Total expenses 2,102,000 1,695,000 Net operating income 568,000 397,700 Interest expense 105,000 88,000 Net income before taxes $ 463,000 $ 309,700 Members of the company’s board of directors...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year $5,570,800 3,516,000 2,054,800 $7,330,000 4,590,000 2,740,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 1,074,500 611,000 1,381,000 710,500 2,091,500 648,500 1,685,500 369,300 84,000 Total expenses Net operating income Interest expense 102,000 $ $ 285,300 546,500 Net income before taxes Members of the company's board of directors are surprised to see...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $ 7,300,000 $ 5,548,000 Cost of goods sold 4,670,000 3,513,000 Gross margin 2,630,000 2,035,000 Selling and administrative expenses: Selling expenses 1,379,000 1,077,500 Administrative expenses 704,000 616,000 Total expenses 2,083,000 1,693,500 Net operating income 547,000 341,500 Interest expense 104,000 85,000 Net income before taxes $ 443,000 $ 256,500 Members of the company’s board of directors are surprised...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Last Year $5,578,400 3,508,000 2,070,400 McKenzie Sales, Ltd. Comparative Income Statement This Year Sales $ 7,340,000 Cost of goods sold 4,700,000 Gross margin 2,640,000 Selling and administrative expenses: Selling expenses 1,396,000 Administrative expenses 705,500 Total expenses 2,101,500 Net operating income 538,500 Interest expense 101,000 Net income before taxes $ 437,500 1,079,000 611,000 1,690,000 380,400 87,000 293,400 $ Members of the company's board of directors are surprised to...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $ 7,370,000 $ 5,601,200 Cost of goods sold 4,660,000 3,511,500 Gross margin 2,710,000 2,089,700 Selling and administrative expenses: Selling expenses 1,387,000 1,082,000 Administrative expenses 704,000 610,500 Total expenses 2,091,000 1,692,500 Net operating income 619,000 397,200 Interest expense 100,000 89,000 Net income before taxes $ 519,000 $ 308,200 Members of the company’s board of directors are surprised...
A comparative Income statement is glven below for McKenzle Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement Last Year $5,570,800 3,511,500 2,059,300 This Year $7,330,000 4,600,000 2,730,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 1,073,000 617,500 1,690,500 368,800 86,000 1,390,000 707,500 2,097,500 632,500 98,000 S 534,500 Total expenses Net operating income Interest expense 282,800 Net income before taxes Members of the company's board of directors are surprised to see that...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $ 7,310,000 $ 5,555,600 Cost of goods sold 4,780,000 3,507,500 Gross margin 2,530,000 2,048,100 Selling and administrative expenses: Selling expenses 1,378,000 1,078,500 Administrative expenses 709,000 616,500 Total expenses 2,087,000 1,695,000 Net operating income 443,000 353,100 Interest expense 97,000 88,000 Net income before taxes $ 346,000 $ 265,100 Members of the company’s board of directors are surprised...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $ 7,350,000 $ 5,586,000 Cost of goods sold 4,740,000 3,515,500 Gross margin 2,610,000 2,070,500 Selling and administrative expenses: Selling expenses 1,383,000 1,075,000 Administrative expenses 703,000 612,000 Total expenses 2,086,000 1,687,000 Net operating income 524,000 383,500 Interest expense 99,000 88,000 Net income before taxes $ 425,000 $ 295,500 Members of the company’s board of directors are surprised...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $ 7,360,000 $ 5,593,600 Cost of goods sold 4,650,000 3,506,000 Gross margin 2,710,000 2,087,600 Selling and administrative expenses: Selling expenses 1,377,000 1,074,500 Administrative expenses 703,500 616,500 Total expenses 2,080,500 1,691,000 Net operating income 629,500 396,600 Interest expense 96,000 89,000 Net income before taxes $ 533,500 $ 307,600 Members of the company’s board of directors are surprised...
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $ 7,390,000 $ 5,616,400 Cost of goods sold 4,650,000 3,507,500 Gross margin 2,740,000 2,108,900 Selling and administrative expenses: Selling expenses 1,370,000 1,080,000 Administrative expenses 708,500 617,000 Total expenses 2,078,500 1,697,000 Net operating income 661,500 411,900 Interest expense 99,000 88,000 Net income before taxes $ 562,500 $ 323,900 Members of the company’s board of directors are surprised...