Data Table Specialty Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Specialty Average Net Sales Revenue 777,000 100.0 % 522,144 Cost of Goods Sold 65.8 Gross Profit 254,856 34.2. Operating Expenses 163,170 19.7 Operating Income 91,686 14.5 3,885 Other Expenses 0.4 $ 87,801 14.1 % Net Income i Data Table Specialty Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry Specialty Average $ Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net 305,550 116,100 5,850 22,500 70.9 % 23.6 0.8 4.7 Other Assets $ 450,000 100.0 % Total Assets Current Liabilities 48.1 % 206,100 102,600 16.6 Long-term Liabilities Other Assets 22,500 4.7 $ 450,000 100.0 % Total Assets Current Liabilities 206,100 102,600 48.1 % 16.6 Long-term Liabilities Total Liabilities 64.7 308,700 141,300 35.3 Stockholders' Equity $ 450,000 100.0 % Total Liabilities and Stockholders' Equity The Specialty 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.) B (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Prepare a vertical analysis for Specialty for both its income statement and balance sheet. Begin by preparing a vertical analysis for Specialty for its income statement. (Round the percent of total amounts to one decimal place, X.X%.) Specialty Department Stores, Inc. Income Statement Year Ended December 31, 2018 Amount Percent of Total Net Sales Revenue $ 777,000 522,144 Cost of Goods Sold Gross Profit 254,856 163,170 Operating Expenses Gross Profit 254,856 163,170 Operating Expenses Operating Income 91,686 3,885 Other Expenses 87,801 Net Income Prepare a vertical analysis for Specialty for its balance sheet. (Round the percent of total amounts to one decimal place, X.X%.) Specialty Department Stores, Inc. Balance Sheet December 31, 2018 Amount Percent of Total Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net 305,550 116,100 5,850 22,500 450,000 Other Assets $ Total Assets $ 450,000 Total Assets A || Current Liabilities $ 206,100 102,600 Long-term Liabilities Total Liabilities 308,700 141,300 Stockholders' Equity 450,000 Total Liabilities and Stockholders' Equity