P2-49. Comparing Operating Characteristics Across Industries Review the following selected income statement and balance sheet data for fiscal years ending in 2017. ($ millions) Sales Cost of Sales Gross Net Profit Income Assets Liabilities Equity Comcast Corporation.... $ 84,526 $ 25,384 $59,142 $22,900 $186,949 $117,500 $ 69,449 Apple Inc.. 229,234 141,048 88,186 48,351 375,319 241,272 134,047 Nike Inc... 34,350 19,038 15,312 4,240 23,259 10,852 12,407 Target Corporation... 71,879 51,125 20,754 2,934 38,999 27,290 11,709 Harley-Davidson Inc. 4,915 3,262 1,653 522 9,973 8,129 1,844 REQUIRED a. Compare and discuss how these companies finance their operations. b. Which companies report the highest ratio of income to assets (net income/total assets)? Suggest a reason for this result. c. Which companies have the highest estimated ROE? Is this result a surprise? Explain. P2-50. Comparing Operating Characteristics Within an Industry Selected data from Hewlett-Packard Company at October 31, 2017, follow. ($ millions) Hewlett-Packard... REQUIRED Cost of Gross Sales Sales Profit $52,056 $42,478 $9,578 Net Income Assets Liabilities Equity $2,526 $32,913 $36,321 $(3,408) a. Using the data for Apple Inc. in P2-49, compare and discuss the two companies on the basis of how they finance their operations. b. Which company reports the higher ratio of income to assets (net income/total assets)? Suggest a reason for this result. c. Which firm has the higher gross margin (gross profit as a percentage of sales)? What factors might account for the difference? Please answer the highlight question.