need help with all the questions in requiremnts.
Dutate Regrets Besonde Income Set Company Aage Most End December 200 Part L Precaricare sunt acestet for McDonough Produs Theatre company cent, and the second how the industry Perages 2 For the protectores proto met een bedste of her home to neste performance teterore than trenger For any of Scion Denug Producer d'arts and artists and to of Camera with arages se comportante average formet 21200 20.700 Corting T Dom 7. Top managers of McDonough 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 regvirements Requirement 1. Prepare a common-size income statement and balance sheet for McDonough 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 XX%) Start by preparing a common-size income statement for McDonough Products, Inc. McDonough Products, Inc. Common-Size Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry McDonough Average Net sales 100.0 % ST3 42.7% Cost of goods sold Gross profit Operating expenses Operating income 29.45 13.3% Other expenses 25 10.85 Net incomo Now prepare a common-size balance sheet for McDonough Products, Inc. McDonough Products, Inc. Common Size Balance Sheet Compared with industry Average December 31, 2018 Industry McDonough Average Current assets 721 % Fixed assets, net 1905 Intangible assets.net Other andets 1000 Total assets Current liabies Long-term labios 472% 21.0% Stockholders' equity Total tables and stockholders equity 100.0 ping Requirement 2. For the profitability analysis, compare the company's (a) ratio of gross profit to net sales. (b) ratio of operating income to net sales and (c) ratio of net income to net sales with the industry averages. Is the company's profit performance better or worse than the average for the industry? McDonough Products' common-size income statement shows that its ratios of gross profit, operating income and net Income to net sales are (1) than the industry averages. Overall, McDonough Products' profit performance is (2) than average for the industry. Requirement 3. For the analysis of financial position, compare McDonough Products (a) ratios of current assets and current liabilities to total assets and (b) ratio of stockholders' equity to total assets. Compare these ratios with the industry averages. Is the company's financial position better or worse than the average for the industry? McDonough Products' common-size balance sheet shows that its ratios of current assets and of current liabilities to total assets, and ratio of stockholders' equity to total assets are (3). than the industry averages. Overall McDonough Products financial position is (4) than average for the industry. 15Data Table McDonough Products, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry McDonough Average Net sales $ 820,000 100.0 % Cost of goods sold 557,600 57.3 Gross profit 262,400 42.7 213,200 29.4 Operating expenses Operating income 49,200 13.3 4,100 2.5 Other expenses 45,100 Net income 10.8% 16: Data Table 122021 McDonough Products, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry McDonough Average Current assets $ 510,000 72.1 % Plant assets, net 121.040 19.0 Intangible assets, net 24.480 4.8 24.480 4.1 Other assets 680,000 Total 100.0 % Current liabilities $ 47.2% Long-term liabilities 272,000 146,880 261,120 21.0 31.8 Stockholders' equity 680.000 100.0 % Total
