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Clementine Company and Kleen Corporation are competitors. (Click the icon to view the income statements.) Compare the two companies by converting their condensed income
Clementine Company and Kleen Corporation are competitors. (Click the icon to view the income statements.) Compare the two companies by converting their condensed income statements to common-size statements. Which company earned more net income? Which company's net income was a higher percentage of its net sales? Explain your answer. Begin by converting the condensed income statements to common size. (Round your answers to the nearest one-tenth of a percent, XX%. Do not enter the % symbol in any of the input fields.) (In millions) Clementine Kleen Amount Percent Amount Percent $ 15,500 Net sales. Cost of goods sold Selling and administrative expenses Interest expense % $ 11,000 % 9,238 % 7,260 % 4,278 % 2,244 93 66 Other expenses 62 % 88 de de de % 682 286 Income tax expense % $ 1,147 $ 1,056 Net income Data table (In millions) Net sales Cost of goods sold Selling and administrative expenses Interest expense Other expenses Income tax expense Net income - Clementine Kleen $ 15,500 $ 11,000 9,238 7,260 4,278 2,244 93 66 62 88 682 286 69 $ 1,147 $ 1,056 Print Done
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