i Data Table Specialty Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Specialty Average Net Sales Revenue 784,000 530,768 100.0 % 65.8 Cost of Goods Sold Gross Profit 253,232 161,504 34.2 19.7 Operating Expenses Operating Income 14.5 91,728 4,704 0.4 Other Expenses 87,024 14.1 % Net Income Print Done 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 303,300 116,100 8,100 22,500 450,000 70.9 % 23.6 0.8 Other Assets 4.7 Total Assets 100.0 % 48.1 % 16.6 Current Liabilities Long-term Liabilities Total Liabilities Stockholders Equity 208,350 99,450 307,800 142,200 450,000 64.7 35.3 Total Liabilities and Stockholders' Equity 100.0 % Done Requirement 1. Prepare a common size income statement and balance sheet for Specialty. The first column of each statement should present Specialty's common-size statement, and the second column, the industry averages. Begin by preparing the common-size income statement for Specialty. (Round your answers to one decimal place, XX%) Specialty Department Stores, Inc. Common-Size Income Statement Year Ended December 31, 2018 Industry Average 100.0 % 658 34.2% Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Operating Income Other Expenses 197 145 Net Income Prepare a common-size balance sheet for Specialty. (Round your answers to one decimal plac Industry Average Specialty Department Stores, Inc. Common-Size Balance Sheet December 31, 2018 | Specialty Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net Other Assets 70.9 % 23.6 % 0.8 % 4.7 % Total Assets 100.0% 48.1 % 16.6 % Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity 64.7 % 35.3 % 100.0% Total Liabilities and Stockholders' Equity Requirement 2. For the profitability analysis, compute Specialty (n) gross profit percentage and (b) profit margin ratio. Compare these figures with the industry averages. Is Specialty's profil performance better or worse than the industry average? (a) Compute Specialty's gross profit percentage. (Round the gross profil percentage to one decimal place, XX%) Gross profit percentage (b) Compute Specialty's profit margin ratio. (Round the profit margin ratio to one de Profit margin ratio Compare these figures with the industry averages. Is Specialty's profit performance better or worse than the industry average? When comparing the gross profit percentage and the profit margin ratio with the industry averages, Specialty's profit performance is than the industry averages for Requirement. For the analysis of financial position, compute Specialty's current radio and i dette equity i Compare these Industry average is 147. and the debto quity Industry average is 1.83. Specialty francia position beter or worse than thendus is with the industry verges. Assume the current ratio veres (a) Compute Specialty's current ratio. (Round the ratio to two decimal places, X.XXX Debt to equity ratio Total liabilities/Total equity 2.16 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 position beter or worse the the industry averages? Specialty's current ratio is signicantly worse than the industry average. The debt to equity ratio is significantly worse than the industry average Click to select your answers and then click Check