E2-33. Comparing Income Statements and Balance Sheets of Competitors Following are selected income statement and balance sheet data from two retailers, Abercrombie & Fitch (clothing retailer in the high-end market) and TJX Companies (clothing retailer in the value- priced market), for the fiscal year ended January 30, 2016. ANF TJX Income Statement ($ thousands) Sales. Cost of goods sold .... Gross profit........... Total expenses........ Net income...... $3,518,680 1,361,137 2,157,543 2,121,967 $ 35,576 $30,944,938 22,034,523 8,910,415 6,632,757 $ 2,277,658 Balance Sheet ($ thousands) ANF TJX ..... Current assets Long-term assets.. Total assets............ $1,178,980 1,254,059 $2,433,039 $ 6,772,560 4,726,922 $11,499,482 Current liabilities....... Long-term liabilities....... Total liabilities. Stockholders' equity ......... Total liabilities and equity.... ........ $ 534,703 602,614 1,137,317 1,295,722 $2,433,039 $ 4,402,230 2,790,177 7,192,407 4,307,075 $11,499,482 a. Express each income statement amount as a percentage of sales. Comment on any differences observed between these two companies, especially as they relate to their respective business models. b. Express each balance sheet amount as a percentage of total assets. Comment on any differences observed between these two companies, especially as they relate to their respective business models. c. Which company has a lower proportion of debt? What do the ratios tell us about the relative riskiness of the two companies