Accounting for Exercise 3-18 Using common size statements and ratios to make comparisons At the end of 2018 the following information is available for Billings and Phoneix companies: Billings Phoneix Sales Cost of goods sold Operating expenses Total assets Stockholders' equity $3,000,000 1,800,000 960,000 3,750,000 1,000,000 $3,000 2,100 780 3,750 1,200 Required a. Prepare common size income statements for each company. b. One company is a high-end retailer, and the other operates a discount store. Which is the dis counter? Support your selection by referring to the common size statements