Data Table Verifine Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry Average Verifine Current Assets $ 324,480 70.9 % 125,280 23.6 Property, Plant, and Equipment, Net Intangible Assets, Net 0.8 5,760 24,480 4.7 Other Assets $ 480,000 100.0 % Total Assets Current Liabilities 48.1 % 222,240 109,440 16.6 Long-term Liabilities Total Liabilities 64.7 331,680 148,320 35.3 Stockholders' Equity 480,000 100.0 % Total Liabilities and Stockholders' Equity Print Done The Verifine 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. - X Data Table Requirement 1. Prepare a vertical analysis for Verifine for both its income statement and balance sheet. Begin by preparing a vertical analysis for Verifine for its income statement. (Round the percent of total amounts to one decimal place, X.X%.) Verifine Department Stores, Inc. Income Statement Year Ended December 31, 2018 Amount Percent of Total Net Sales Revenue S 776,000 %. Cost of Goods Sold 521,472 % Gross Profit 254,528 | % 159,856 Operating Expenses Operating Income 94,672 Other Expenses 5,432 % S 89,240 Net Income % Verifine Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Verifine Average Net Sales Revenue $ 776,000 100.0 % Cost of Goods Sold 521,472 65.8 Gross Profit 254,528 34.2 159,856 19.7 Operating Expenses Operating Income 94,672 14.5 Other Expenses 5,432 0.4 $ Net Income 89,240 14.1% Pant Dono Print Done