CHICAGO CEREAL COMPANY Condensed Income Statement For the Years Ended December 31 (in thousands) Step 1: SET YOUR BASE TO 100\% (Total Assets for Balance Sheet and Net Sales for Income Statement) Step 2: Represent all other numbers as a percentage of the base amount. Example \#2 Instructions: Complete a vertical analysis for each year. John Cully Company Balance Sheet For the Years Ended June 30 John Cully Company (in thousands) Income statement For the Years Ended June 30 (in thousands) IIABILITIES AND OWNER'S EOUITV Calculate the following ratios for 2022 1. CURRENT RATIO 2. INVENTORY TURNOVER 3. PROFIT MARGIN 4. RETURN ON ASSETS Net Income Average Total Assets