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The Verifine 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. 5 Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Read the requirements. ..... Verifine Department Stores, Inc. Balance Sheet December 31, 2018 Amount Percent of Total Current Assets $ 310,960 % o 120,520 % Property, Plant, and Equipment, Net Intangible Assets, Net % 5,980 22,540 Other Assets % $ 460,000 Total Assets % Clear All Check Answer The Verifine Department Stores, Inc. chief executive officer (CEO) has asked you to compar performance and financial position with the averages for the industry. The CEO has given yo 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 sh Read the requirements. ..... % Intangible Assets, Net 5,980 22,540 % Other Assets $ 460,000 % Total Assets Current Liabilities $ 212,520 103,960 % Long-term Liabilities % Total Liabilities 316,480 143,520 % Stockholders' Equity $ 460,000 % Total Liabilities and Stockholders' Equity Clear All Year Ended December 31, 2018 Industry Average Verifine Net Sales Revenue $ 100.0 % 782,000 525,504 65.8 Cost of Goods Sold Gross Profit 34.2 256,496 161,874 19.7 Operating Expenses Operating Income 14.5 94,622 5,474 0.4 Other Expenses 89,148 14.1 % Net Income - Data Table Verifine Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry Average Verifine Current Assets $ 310,960 70.9 % 120,520 23.6 Property, Plant, and Equipment, Net Intangible Assets, Net 0.8 5,980 22,540 4.7 Other Assets $ 460,000 100.0 % Total Assets rioperly, ridnil, and Equipment, net IZU,UZU ZO.U Intangible Assets, Net 0.8 5,980 22,540 4.7 Other Assets $ 460,000 100.0 % Total Assets Current Liabilities 48.1 % 212,520 103,960 16.6 Long-term Liabilities Total Liabilities 64.7 316,480 143,520 35.3 Stockholders' Equity Total Liabilities and Stockholders' Equity $ 460,000 100.0 % Requirements 1. Prepare a vertical analysis for Verifine 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