Objoctives 4 \& 5 ) 20-25 min, Love Bug Used Auto Sales nis. Performance and financiat posked for your hep in comparing the conpany's profit The proprietor has given yous the company's avorage for the auto nalee industry: as well as the industry averege company's income statement and balance aheet. Requirements 1. Prepare a two-column, common-size income statement and a two-column, common-size balance sheet for Love Bug Used Auto Sales. The first column of each statement should present Love Bug Used Auto Sales' common-size statement and the second column should show the industry averages. 2. For the profitablity analysis, examine Love Bug Used Auto Sales' (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. Compare these figures with the industry averages. Is Love Bug's profit performance better or worse than the industry average? 3. For the analysis of financial position, examine Love Bug Used Auto Sales' (a) ratio of current assets to total assets, and (b) ratio of stockholders' equity to total assets. Compare these ratios with the industry averages. Is Love Bug Used Auto Sales' financial position better or worse than the indusiry average