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03 512-4. (Learning Objective 3: Compare common-size income statements for two companie Madison Company and Orwell Corporation are competitors. Compare the two companies hu converting
03 512-4. (Learning Objective 3: Compare common-size income statements for two companie Madison Company and Orwell Corporation are competitors. Compare the two companies hu converting their condensed income statements to common-size statements. (In millions) Net sales... Cost of goods sold... Selling and administrative expenses.......... Interest expense..... Other expenses... Income tax expense..... Net income.................. Madison $17,000 10,166 4,828 68 102 748 $ 1,088 Orwell $10,000 6,540 2,220 80 40 320 800 $ Which company earned more net income? Which company's net income was a higher percentag of its net sales? Explain your
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