Block Department Stores chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the average 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 34.3% Requirement 1. Prepare a common-size income statement and balance sheet for Block Department Stores. The first column of each statement should present Block Department Stores' common-size statement, while the second column should present the industry averages (Round your answers to two derin Start with preparing a common-size income statement. Data Table Block Department Stores, Inc. Data Table Common-Size Income Statement Compared to Industry Average A B For the Year Ended December 31 Industry A B 1 Block Department Stores, Inc. Block (%) Average 1 Block Department Stores, Inc. 2 Balance Sheet Compared with Industry Average Sales revenues % 100.0% 2 Income Statement Compared with Industry Average 3 As of December 31 65.7% Less: Cost of goods sold % 3 For the Year Ended December 31 4 (amounts in thousands) Gross profit % Industry 4 (amounts in thousands) 19.5% 5 Block Average Less: Operating expenses % Industry 5 Block 14.8% Average 6 Assets Operating income % 0.5% 6 Sales revenues $ 782,000 100.0% 7 Current assets $ 312,340 70.9% Less: Interest expense % 65.7% 526,286 7 Less: Cost of goods sold 8 Fixed assets, net 117,760 23.7% 14.3% Income before income taxes % 8 Gross profit 0.3% $ 255,714 34.3% 9 Intangible assets, net 0.7% 5,980 Less % tax expense 14.0% 9 Less: Operating expenses 164,220 19.5% 10 Other assets 4.7% 23,920 Net income % 10 Operating income $ 91,494 14.8% 11 Total assets $ 460,000 100.0% 11 Less: Interest expense 1,173 0.5% 12 Liabilities 12 Income before income taxes $ 90,321 14.3% 13 Current liabilities 213,440 48.3% 13 Less: Income tax expense 5,083 0.3% 14 Long-term liabilities 104,880 16.7% $ 14 Net income 85,238 14.0% 15 Total liabilities $ 318,320 65.0% 16 Stockholders' equity 17 Total common stockholders' equity $ 141,680 Print Done 35.0% 18 Total liabilities and equity $ 460,000 100.0% Enter any number in the edit fields and then click Check Answer. Print Done parts remaining Clear All