At the end of 2014 the following information is available for Fargo and Huston companies:...
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Accounting
At the end of 2014 the following information is available for Fargo and Huston companies: Fargo Huston Sales Cost of goods sold Operating expenses Total assets Stockholders' equity $3,090,000 $4,540,000 1,890,000 750,000 3,230,000 1,620,000 1,970,000 870,000 3,840,000 1,170,000 Required a. Prepare common size income statements for each company. (Round your percentage answers to the nearest whole percent (i.e., 0.123 should be considered as 12%.)) Common Size Income Statements Fargo Huston Sales Cost of goods sold Gross margin perating expenses Net income b. One company is a high-end retailer, and the other operates a discount store. By referring to the common size statements, select the High-end retailer and the Discounter High-end retailer Discounter
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