i - X Data Table Rim Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Rim Average 781,000 527,956 100.0 % 65.8 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Operating Income Other Expenses 253,044 164,010 34.2 19.7 89,034 7,029 14.5 0.4 82,005 14.1 % Net Income Print Done - X Data Table Rim Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry Rim Average $ 318,190 70.9% 23.6 Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net Other Assets Total Assets 120,320 7,990 23,500 0.8 4.7 470,000 100.0 % 215,260 107,160 48.1 % 16.6 Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity 322,420 147,580 64.7 35.3 $ 470,000 100.0 % Print Done X Requirements 1. Prepare a vertical analysis for Rim for both its income statement and balance sheet 2. Compare the company's profit performance and financial position with the average for the industry Print Done This Question: 8 pts 20 of 22 (0 complete) This Test: 50 pts possi Question Help The Rim Department Stores, Inc. chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the averages f 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 Requirement 1. Prepare a vertical analysis for Rim for both its income statement and balance sheet. Begin by preparing a vertical analysis for Rim for its income statement. (Round the percent of total amounts to one decimal place, XX%.) Rim Department Stores, Inc. Income Statement Year Ended December 31, 2018 Amount Percent of Total Net Sales Revenue $ % 781,000 527,956 Cost of Goods Sold % % Gross Profit 253,044 164.010 % Operating Expenses Operating Income Other Expenses % 89,034 7,029 $ 82,005 Net Income % Prepare a vertical analysis for Rim for its balance sheet. (Round the percent of total amounts to one decimal place, X.X%.) Rim Department Stores, Inc. Balance Sheet December 31, 2018 Amount Percent of Total $ % Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net % 318,190 120,320 7,990 23,500 % Other Assets % $ 470,000 Total Assets % Current Liabilities $ % 215,260 107,160 % Long-term Liabilities Total Liabilities % 322,420 147.580 Stockholders' Equity % $ 470,000 Total Liabilities and Stockholders' Equity % Requirement 2. Compare the company's profit performance and financial position with the average for the industry. Rim's gross profit percentage and profit margin ratio are both with the industry the industry average, which indicates an) profit performance as compared The company showed a slightly investment in fixed and intangible assets than the industry average. The company's percentage of debt to total assets is than the industry, which would generally indicate a v financial position than the average for the industry