Ambrose Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Ambrose Average $ 777,000 521,367 100.0 % 65.8 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Operating Income 255,633 158,508 34.2 19.7 14.5 97,125 6,993 0.4 Other Expenses $ 90,132 14.1 % Net Income Balance Sheet Compared with Industry Average December 31, 2018 Industry Ambrose Average $ 70.9% 23.6 Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net Other Assets 331,240 126,420 7,840 24,500 0.8 4.7 $ 100.0 % 490,000 Total Assets $ 226,380 107,800 48.1 % 16.6 Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity 64.7 334,180 155,820 35.3 69 490,000 100.0 % The Ambrose Department Stores, Inc. chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the averages for the industry. The CEO has given you the company's income statement and balance sheet as well as the industry average data for retailers. (Click the icon to view the income statement.) Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Prepare a vertical analysis for Ambrose for both its income statement and balance sheet. Begin by preparing a vertical analysis for Ambrose for its income statement. (Round the percent of total amounts to one decimal place, XX%.) Ambrose Department Stores, Inc. Income Statement Year Ended December 31, 2018 Amount Percent of Total % 777,000 521,367 % % Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Operating Income Other Expenses 255,633 158,508 % % 97,125 6,993 $ 90,132 Net Income Enter any number in the edit fields and then click Check