Table 18-12
McKay Ltd

Table 18-12
McKay Ltd. and Thorton Inc. are competitors in the same industry. The following comparative income statements have been prepared.

- Refer to Table 18-12.Prepare a common-size income statement using the format below.(Round all amounts to the nearest tenth of a percent.)
$$\begin{array} { | l | l | l | } \hline & \text { McKay Ltd. } & \text { Thorton Inc. } \\\hline \text { Revenues } & & \\\hline \text { Cost of revenues } & & \\\hline \text { Gross margin } & & \\\hline \text { Operating expenses: } & & \\\hline \text { Sales and marketing expense } & & \\\hline \text { General and administrative expense } & & \\\hline \text { Research and development expense } & & \\\hline \text { Total operating expenses } & & \\\hline & & \\\hline \text { Income before income tax } & & \\\hline \text { Income taxexpense } & & \\\hline \text { Net income (loss) } & & \\\hline\end{array}$$