o P15-24A (similar to) Question Help The Specialty Department Stores, Inc. chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the averages for 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 Specialty for both its income statement and balance sheet. Begin by preparing a vertical analysis for Specialty for its income statement. (Round the percent of total amounts to one decimal place, XX%) Specialty Department Stores, Inc. Income Statement Year Ended December 31, 2018 Amount Percent of Total Net Sales Revenue Cost of Goods Sold Gross Profit 253,692 Operating Expenses 159,732 Operating Income Other Expenses Data Table 89,262 Net Income $ % 783.000 529,308 % % % 93.960 4.698 % Data Table Specialty Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry Specialty Average Current Assets 291,110 70.9% Property, Plant, and Equipment, Net 108,360 23.6 Intangible Assets, Net 9,460 21,070 Other Assets 430,000 100.0 % Total Assets $ 0.8 4.7 Specialty Department Stores, Inc. Income Statement compared with Industry Average Year Ended December 31, 2018 Industry Specialty Average Net Sales Rovenue $ 783,000 100.0 % 529,308 65.8 Cost of Goods Sold Gross Profit 253,692 342 159,732 19.7 Operating Expenses Operating Income 93.960 14.5 4,698 0.4 Other Expenses 89,262 14.1% Net Income 196.940 98.900 48.1% 16.6 Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity 295,840 134.160 64.7 353 430,000 100.0 % Total Liabilities and Stockholders' Equity