Compare the

two companies by converuing 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 converung

the condensed income statements to common size Round

Begin by converting the condensed income statements to common size. (Round your answers to the nearest one- (in millions) Canton Kleen Percent Percent Amount $ 14,500 Amount $ 6,500 Net sales % % % % Cost of goods sold Selling and administrative expenses 8,526 4,089 4,264 1,326 % % 15 % 52 Interest expense Other expenses % 13 % 73 667 182 Income tax expense % % $ 1,130 $ 663 Net Income % % Data table (In millions) Canton Kleen 6,500 $ 14,500 $ Net sales 8,526 4,264 Cost of goods sold Selling and administrative expenses 4,089 1,326 Interest expense 15 52 73 13 Other expenses 667 182 Income tax expense 1,130 $ 663 Net income