The following income statements were drawn from the annual reports of the Denver Company and the Reno Company:Denver*Reno* Net sales$35,300$86,000 Cost of goods sold(16,740)(63,080) Gross margin18,56022,920 Less: Operating exp. Selling and admin. exp.(12,440)(15,042) Net income,120$7,878 *All figures are reported in thousands of dollars.Requireda-1.Compute the gross margin percentages and return-on-sales ratios of Denver and Reno. (Round your answers to the nearest whole number.) a-2.Ascertain which of the company is a high-end retailer based on ratios computed. RenoDenverb.If Denver and Reno have equity of $15,400 and $20,200, respectively, which company is in the more profitable business? RenoDenver
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