are a common-size income statement and balance sheet for Russell. The first column of each statement should present Russell's common-size statement, and the second column, the industry averages. he profitability analysis, compute Russell's (a) gross profit percentage and (b) profit margin ratio. Compare these figures with the industry averages. Is Russell's profit performance better or worse than the industry average? stry averages? The Russell 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. 1 (Click the icon to view the income statement.) 2 (Click the icon to view the balance sheet) Read the requirements 3. Requirement 1. Prepare a common-size income statement and balance sheet for Russell. The first column of each statement should present Russell's common-size statement, and the second column, the industry averages. Begin by preparing the common-size income statement for Russell. (Round your answers to one decimal place, X.X\%.) Prepare a common-size balance sheet for Russell. (Round your answers to one decimal place, X.X\%.) Requirement 2. For the profitability analysis, compute Russell's (a) gross profit percentage and (b) profit margin ratio. Compare these figures with the industry averages. Is Russell's profit performance better or worse than the industry average? (a) Compute Russell's gross profit percentage. (Round the gross profit percentage to one decimal place, X.X\%.) Gross profit percentage = =% (b) Compute Russell's profit margin ratio. (Round the profit margin ratio to one decimal place, X.X\%.) Profit margin ratio = =% Compare these figures with the industry averages. Is Russell's profit performance better or worse than the industry average? When comparing the gross profit percentage and the profit margin ratio with the industry averages, Russell's profit performance is (3) than the industry averages for (4) Requirement 3. For the analysis of financial position, compute Russell's (a) current ratio and (b) debt to equity ratio. Compare these ratios with the industry averages. Assume the current ratio industry average is 1.47 , and the debt to equity industry average is 1.83 . Is Russell's financial position better or worse than the industry averages? (a) Compute Russell's current ratio. (Round the ratio to two decimal places, X.XX.) Current ratio = ]= (b) Compute Russell's debt to equity ratio. (Round the ratio to two decimal places, X.XX.) Debt to equity ratio = Compare these ratios with the industry averages. Assume the current ratio industry average is 1.47 and the debt to equity industry average is 1.83 . Is Russell's financial position better or worse than the industry averages? Russell's current ratio is (7) the industry average. The debt to equity ratio is (8) the industry average