A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement

This Year Last Year

Sales $ 8,000,000 $ 6,000,000 Cost of goods sold 4,984,000 3,516,000 Gross margin 3,016,000 2,484,000 Selling and administrative expenses: Selling expenses 1,480,000 1,092,000 Administrative expenses 712,000 618,000 Total expenses 2,192,000 1,710,000 Net operating income 824,000 774,000 Interest expense 96,000 84,000 Net income before taxes $ 728,000 $ 690,000

Members of the company’s board of directors are surprised to see that net income increased by only $38,000 when sales increased by two million dollars.

Required:

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 % %

Emil motycka is considered an entrepreneur because

Acompany factory is considered which type of resource a.land b.physical capital c.labor d.human capital

Annuity payments are assumed to come at the end of each payment period (termed an ordinary annuity). however, an exception occurs when the annuity payments come at the beginning of each period (termed an annuity due). what is the future value of a 13-year annuity of $2,800 per period where payments come at the beginning of each period? the interest rate is 9 percent. use appendix c for an approximate answer, but calculate your final answer using the formula and financial calculator methods. to find the future value of an annuity due when using the appendix tables, add 1 to n and subtract 1 from the tabular value. for example, to find the future value of a $100 payment at the beginning of each period for five periods at 10 percent, go to appendix c for n = 6 and i = 10 percent. look up the value of 7.716 and subtract 1 from it for an answer of 6.716 or $671.60 ($100 × 6.716)