Perry Company and Jones Corporation are competitors. (Click the icon to view the income statements.) Compare...

Transcribed Image Text:

Perry Company and Jones Corporation are competitors. (Click the icon to view the income statements.) Compare the two companies by converting 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 converting the condensed income statements to common size. (Round your answers to the nearest one-tenth of a percent, XX%. Do not enter the % symbol in any of the input fields.) (in millions) Net sales Cost of goods sold Selling and administrative expenses Interest expense Other expenses Income tax expense Net income % de de de de Perry Jones Amount Percent Amount Percent $ 18,500 10,500 % 10,860 % 6,930 5,032 % 2,142 148 de % 63 74 % 21 851 378 1,535 966 de Perry Company and Jones Corporation are competitors. (Click the icon to view the income statements.) Compare the two companies by converting 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 converting the condensed income statements to common size. (Round your answers to the nearest one-tenth of a percent, XX%. Do not enter the % symbol in any of the input fields.) (in millions) Net sales Cost of goods sold Selling and administrative expenses Interest expense Other expenses Income tax expense Net income % de de de de Perry Jones Amount Percent Amount Percent $ 18,500 10,500 % 10,860 % 6,930 5,032 % 2,142 148 de % 63 74 % 21 851 378 1,535 966 de