= Homework: Ch 12 Homework Question 10, P12-63B (s. Part 1 of 4 HW Score: 64%, 9.6 of 15 points Points: 0.6 of 6 Save Top managers of Walsh Products, Inc., have asked you to compare the company's profit performance and financial position with the average for the industry. The company's accountant has given you the business's income statement, balance sheet, and industry data: (Click the icon to view the income statement.) : (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Prepare a common-size income statement and balance sheet for Walsh Products. The first column of each statement should present the company's common-size statement, and the second column should show the industry averages. (Round the percentages to the nearest one-tenth percent, X.X%.) Start by preparing a common-size income statement for Walsh Products, Inc. Data table Data table Walsh Products, Inc. Walsh Products, Inc. Common-Size Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Walsh Average Net sales % 100.0 % 573 % Cost of goods sold Gross profit Operating expenses 13.3 % Operating income Other expenses 10.8 % Net income 42.7 % 29.4 % Walsh Products, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry Walsh Average Current assets $ 492,800 72.1 % Plant assets, net 118,400 19.0 Intangible assets, net 23,040 4.8 5,760 Other assets 4.1 $ Total 640,000 2.5% Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Walsh Average Net sales S 700.000 100.0 % 483,000 57.3 Cost of goods sold Gross profit 217,000 42.7 182,000 29.4 Operating expenses Operating income 35,000 13.3 7,000 2.5 Other expenses S 28,000 10.8 % Net income 100.0 % $ Current liabilities Long-term liabilities 252,160 134,400 253,440 47.2% 21.0 31.8 Stockholders' equity $ 640,000 100.0 % Total Print Done Print Done