Question

Managerial Accounting Fall 2020 A Muhammed Olasupo Homework: Chapter F:17 Homework HW SC Score: 0 of 1 pt 3 of 6 (3 complete) EF 17-16 (similar to) Dona for McCormick Designs, Inc. folio. (Click the icon to view the data) Read the requirements Requirement 1. Prepare a comparative common-size income statement for McCormick Designs, Inc. using the 2024 and 2023 data. Round percentages to one Month percent. (Round the percentages to one tenth percent. XX. En %. For example, her 1.1 11) Data Table McCormick Designs, Inc. Common-Size Income Statement Years Ended December 31, 2024 and 2023 2024% 2023% McCormick Designs, Inc. Comparative Income Statement Net Sales Revenue Years Ended December 31, 2024 and 2023 Expenses 2023 Cost of Goods Sold Net Sales Revenge $ 432.000 372.000 Selling and Administrative Expenses Expenses Other Expenses Cost of Goods Sold 201.550 186250 Total Expenses Selling and Administrative Expenses 99 350 95,350 Net Income Other Expenses 7,600 3.000 Total Expenses 307.900 284,000 Net Income 124,100 87.400 Enter any number in the edit fields and then click Check Answer 1 pa remaining Print Clear All Done

Answer 1

				this	last
				year	year
Net sales revenue				100.0%	100.0%
Expenses
Cost of goods sold				46.7%	50.1%
Selling and administrative expense				23.0%	25.6%
other expenses				1.6%	0.8%
total expenses				71.3%	76.5%
Net operating income				28.7%	23.5%