At the end of 2018 the following information is available for Billings and Phoneix companies:

Required

1. Prepare common size income statements for each company.

2. One company is a high-end retailer, and the other operates a discount store. Which is the discounter?

Required B

Which is this discounter?

Sales Cost of goods sold Operating expenses Total assets Stockholders' equity Billings $1,154,000 768,000 306, 000 1, 460,000 320,000 Phoneix $1,124, 400 852, 000 229, 700 1, 440,000 350,000 Required A Required B Prepare common size income statements for each company. (Round your percentage answers to 1 decimal place.) BILLINGS AND PHONEIX COMPANIES Common Size Income Statements For the Year Ended 2018 Billings % Phoneix % 0 0.0 0 0.0 S 0 0.0 S 0 0.0 Required A Required B >