Compare Income Statements and Balance Sheets of Competitors a. Following are selected income statement data from two European grocery chain companies: Tesco PLC (UK) and Ahold (the Netherlands). Prepare a common-size income statement. To do this, express each income statement amount as a percent of sales. Note: Round percentage to one decimal point (for example, round 18.566% to 18.6%). Income Statements For Fiscal Year Ended Sales Cost of goods sold Gross profit Total expenses Tesco Carrefour Group February 24, 2019 December 31, 2018 ( millions) ( millions) 56,242 0 % 68,567 0 % 52,595 0 % 53,548 0 % 3,647 0 % 15,019 0 % 2,485 0 % 15,322 0 % 1,162 0 % (303) 0 % Net income b. Following are selected balance sheet data from two European grocery chain companies: Tesco PLC (UK) and Ahold (the Netherlands). Prepare a common-size balance sheet. To do this, express each balance sheet amount as a percent of total assets. Note: Round percentage to one decimal point (for example, round 18.566% to 18.6%). Tesco Carrefour Group February 24, 2019 December 31, 2018 Balance Sheet ( millions) ( millions) Current assets 11,148 0% 16,430 0 % Long-term assets 32,014 0 % 25,263 0 % Total assets 43,162 0 % 41,693 0 % 0 % 0 % Current liabilities 18,198 Long-term liabilities 11,909 Total liabilities 30,107 Stockholders' equity 13,054 Total liabilities and equity 43,161 0 % 20,383 0 % 11,378 0 % 31,761 0 % 9,932 0% 41,693 0 % 0 % 0 % C. Which company has chosen to structure itself with a higher proportion of equity (and a lower proportion of debt)