1 of 3 (0 complete) 0 Data Table he ow! any's pro lata forro he icon to Micatin Auto Sales Income Statement Compared with Industry Average Year Ended December 31, 2018 Net sales Cost of goods sold sold Gross profit Operating expenses Operating income Micatin 959.000 316,470 642,530 201,390 Industry Average 100.0% 64.3 % 35.7% 27.3% Auto Sale 441,140 8.4 the next qy Print Done 1 of 3 (0 complete) Data Table has iny's pl ata for le icon Micatin Auto Sales Balance Sheet Compared with Industry Average December 31, 2018 Current assets Fixed assets, net Intangible assets, net Other assets Micatin 481,800 108,900 6,600 62,700 660,000 Industry Average 772% 16.3% 2.8 % Auto Sal 100.00 Total assets he next Print Done 1 of 3 (0 complete) * Data Table Average 77.2 % 16.3% Current assets Fixed assets, net Intangible assets, net Other assets Micatin 481,800 108,900 6,600 62,700 660,000 2.8 % 3.7 % 100.0 % 40.1 % Total assets Current liabilities Long-term liabilities Stockholders' equity 258,720 138,600 262,680 660,000 20.3% 39.6% 100.0% Total liabilitios and stockholders' equit Print Done Micatin Auto Sales asked for your help in comparing the company's profit performance and financial position with the average for the auto sales industry. The owner has given you the company's income statement and balance sheet as well as the industry average date for retailers of used autos BTS (Click the icon to view the income statement) Click the won to view the balance sheet) Read the requirements Requirement 1. Prepare a two-column common se income statement and a two column common se balance sheet for Micain Auto Sales. The first column of each statement should present Micain Auto Sales' common se statement and the second column should show the industry averages (Round the percentages to the nearest one tonth percent XXX) Start by preparing a common size income statement for Micain Auto Sales Micatin Auto Sales Common-Size Income Statement Compared to Industry Average Your Ended December 31, 2018 Micatin industry (%) Average (9) Micatin Auto Sales asked for your help in comparing the company's profit performance and statement and balance sheet as well as the industry average data for retailers of used auto (Click the icon to view the income statement. (Click the icon to view the balances Read the requirements Micatin Auto Sales Common-Size Income Statement Compared to Industry Average Year Ended December 31, 2018 Micatin Industry 900 %) Average (%) Net sales 100.0 % Cost of goods sold 64.3 % Gross profit % 35.7 % I ILLUL TIL 972 Enter any number in the edit fields and then continue to the next question. Micatin Auto Sales asked for your help in comparing the company's profit performance and statement and balance sheet as well as the industry average data for retailers of used auto E: (Click the icon to view the income statement. (Click the icon to view the balance s Read the requirements Now prepare a common-size balance sheet for Micatin Used Auto Sales Micatin Auto Sales Common-Size Balance Sheet Compared with Industry Average December 31, 2018 Micatin Industry (%) Average (%) Current assets 77.2% Fixed assets, net 16.3% lintangible assets net 28% Enter any number in the edit fields and then continue to the next question. Requirement 2. For the profitability analysis examine Micalin Auto Sales' (a) ratio of gross profit to net sales, (b) ratio of operating income to ne sales, and (c) ratio of net income to nel Sales Compare these figures with the industry averages is Micati's profit performance better or worse than the industry average? than the industry average, (D) operating income to net sales is than the industry average, Micatin's common size income statement shows that its ratios of (1) gross profit to not sales is and (c) net income to net sales is than the industry average. , and (b) ratio of stockholders' equity to totales Compare these ratios with Requirement 3. For the analysis of financial position, examine Micalin Auto Sales' (a) ratio of current assets to total the industry averages. Is Micitin Auto Sales financial position better or worse than the industry average ? than the industry average, and (b) stockholders' equity to total assess than average for Micatin's common size balance sheet shows that its ratios of (a) current assets to total assets is the industry