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Gallivan, Inc., and Tucker Ltd. are both food service distributors. As their adapted income statements (in $ millions) show, Gallivan's sales revenue was more than
Gallivan, Inc., and Tucker Ltd. are both food service distributors. As their adapted income statements (in $ millions) show, Gallivan's sales revenue was more than double that of Tucker. Sales Tucker $6,630.5 4,252.2 Gallivan $14,807.2 10,109.3 Cost of goods sold Gross profit Selling, general, & administrative expenses Net operating income 2,378.3 1,596.2 4,697.9 3,207.1 782.1 1,490.8 265.5 Other expense 2.6 Income before taxes 779.5 1,225.3 Income tax expense 291.2 458.6 Net income $488.3 $766.7 Prepare a common-size income statement for each company. (Round answers to 1 decimal place, e.g. 50.1%.) Tucker Gallivan Sales % % Cost of goods sold % % Gross profit % % Selling, general & administrative expenses % % Net operating income % % Other expense % % Income before taxes % % Income tax expense % % Net income % % JMA H
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