The income statement in continued at the bottom.

*F:17.3-47 The following income statement information is available for two different companies within the same industry: Smith Jones Net Sales $9,000 $50,000 Cost of Goods Sold 3,000 30,000 Gross Profit 6,000 20,000 Operating Expenses: Selling Expenses 400 600 Administrative Expenses 600 800 Total Operating Expenses 1.000 1.400 Operating Income 5,000 18,600 Other Income and (Expenses): Interest Expense (200) (600) A. Smith Company has a lower percentage for income tax expense. B. Jones Company has a higher percentage for gross profit. C. Smith Company has a higher percentage for net income. D. Smith Company has a higher percentage for cost of goods sold. Other Income and (Expenses): Interest Expense Total Other Income and (Expenses) Income Before Income Taxes Income Tax Expense Net Income (200) (200) 4,800 1,000 $ 3,800 (600) (600) 18,000 5.000 $13,000