estion list 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 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 thi Data table Specialty Department Stores, Inc Balance Sheet Compared with Industry Average Requirements 1. Prepare a common-size income statement and balance sheet for Specialty. The first colum each statement should present Specialty's common-size statement, and the second columm industry averages 2. For the profitability analysis, compute Specialty's (a) gross profit percentage and (b) profe margin ratio. Compare these figures with the industry averages. Is Specialty's profit performance better or worse than the industry average? 3. For the analysis of financial position, compute Specialty's (a) current ratio and (b) debt to em 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 Specialty's financial pos better or worse than the industry averages? Income statement and balance sheet December 31, 2018 Specialty Industry Average me statement for Specialty (Round yo Stores, Inc. Statement Current Assets $ 324,960 70.9% 31, 2018 Property, Plant, and Equipment, Net 123.840 23.6 Intangible Assets, Net Other Assets 8,640 22.560 0.8 Data table 47 $ 480,000 100.0% Total Assets Specialty Department Stores, Inc. Print Done Current Liabilities $ 219.840 48.1% Income Statement Compared with Industry Average Year Ended December 31, 2018 107.520 166 Long-term Liabilities Industry Total Liabilities 327,300 64.7 Specialty Average 152.640 353 Stockholders' Equity Net Sales Revenue $ 777,000 1000% 480,000 100.0% 521307 65.5 Total Liabilities and Stockholders' Equity Cost of Goods Sold Gross Profit 255,633 342 Operating Expenses 100,062 197 Print Done Operating Income 95,571 145 6.903 04 Other Expenses 88.578 14.1% Net Income Time Remaining: 01:14:23 Calculator