Chipotle Mexican Grill began with a single location in 1993 and now operates more than 2,450 restaurants. Adapted versions of the company’s income statements (in $000s) are as follows:

Required

Prepare a common-size income statement for each year, rounding your answers to one decimal place. Your answers may not add perfectly due to rounding.

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2017 2016 Revenue $4,476,412 $3,904,384 Restaurant operating costs Food, beverage, and packaging 1,535,428 1,365,580 Labor 1,205,992 1,105,001 293,636 Occupancy Other operating costs General and administrative expenses Depreciation and amortization Pre-opening costs Loss on disposal of assets 327,132 651,644 641,953 296,388 276,240 163,348 146,368 12,341 17,162 13,345 23,877 Total operating expenses 4,205,618 3,869,817 Income from operations Interest and other income (expense), net 270,794 34,567 4,949 4,172 Income before income taxes 275,743 38,739 Provision for income taxes 99,490 15,801 Net income $ 176,253 $ 22,938