S12-4 (similar to) Question Help O Kent 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 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, X.X%.) (In millions) Kent Percent Amount 15,500 Jones Amount Percent $ 8,000 % % Net sales Cost of goods sold Selling and administrative expenses 9,114 % 5,248 % 4,371 % 1,552 % Interest expense 93 % 48 % Other expenses 31 % 64 % 620 288 Income tax expense % % $ 1,271 $ 800 Net income % % Enter any number in the edit fields and then click Check Answer. 1 panta 1 Clear All Check Answer remaining S12-4 (similar to) Question Help Kent 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 pany's net income was a higher percentage of its net sales? Explain your answer. Data Table Begin by converting the condensed income statements to common size. (Roundy (In millions) Kent Kent (In millions) Percent Amd Amount $ 15,500 Jones 8,000 $ 15,500 $ % $ Net sales Net sales 9,114 9,114 % 5,248 4,371 1,552 Cost of goods sold Selling and administrative expenses Interest expense 4,371 % Cost of goods sold Selling and administrative expenses Interest expense Other expenses 93 48 93 % 31 Other expenses 31 % 64 288 620 620 Income tax expense % Income tax expense $ 1,271 1,271 $ 800 Net income Net income Print Done Enter any number in the edit fields and then click Check Answer. ? 1 part Clear All Check Answer remaining