Medical Products, Inc. Income Statement Compared with Industry Average Year Ended December 31, 20X5 Medical "Industry Average" Net sales............................................................................... $957,000 100.0% Cost of goods sold.............................................................. 652,000 55.9 Gross profit.......................................................................... 305,000 44.1 Operating expenses ........................................................... 200,000 28.1 Operating income................................................................ 105,000 16.0 Other expenses.................................................................... 3,000 2.4 Net income .......................................................................... $102,000 13.6% Medical Products, Inc. Balance Sheet Compared with Industry Average December 31, 20X5 Medical "Industry Average" Current assets...................................................................... $486,000 74.4% Fixed assets, net ................................................................. 117,000 20.0 Intangible assets, net .......................................................... 24,000 0.6 Other assets......................................................................... 3,000 5.0 Total ..................................................................................... 630,000 100.0 Current liabilities ................................................................. 245,000 45.6 Long-term liabilities ............................................................ 114,000 19.0 Stockholders equity............................................................ 271,000 35.4 Total ..................................................................................... $630,000 100.0% Requirement #1 Medical Products, Inc. Common-Size Income Statement Compared to Industry Average Year Ended December 31, 20X5 Medical Products Industry Average Net sales Cost of goods sold.. Gross profit... Operating expenses. Operating income. Other expenses. Net income Medical Products, Inc. Common-Size Balance Sheet Compared to Industry Average Year Ended December 31, 20X5 Medical Products Industry Average Current assets.. Fixed assets, net.. Intangible assets, net Other assets. Total assets.. Current liabilities... Long-term liabilities.. Stockholders equity. Total liabilities and stockholders equity