P12-57A (similar to) Question Help Top managers of O'Hare 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.) B. (Click the icon to view the balance sheet.) Read the requirements. O'Hare Products, Inc. Common-Size Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry O'Hare Average Net sales 100.0 % % % 57.3 % Cost of goods sold Gross profit % 42.7 % % 29.4 % Operating expenses Operating income % 13.3 % Other expenses % 2.5% % 10.8 % Net income Enter any number in the edit fields and then click Check Answer. 3 parts Clear All Check Answer remaining P12-57A (similar to) A Question Help Top managers of O'Hare 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 requirements. Requirement 1. Prepare a common-size income statement and balance sheet for O'Hare 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, X.X%.) Start by preparing a common-size income statement for O'Hare Products, Inc. O'Hare Products, Inc. Common-Size Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry O'Hare Average Net sales % 100.0 % 57.3 % Cost of goods sold Gross profit % 42.7 % % Operating expenses 29.4 % Enter any number in the edit fields and then click Check Answer. 3 parts Clear All Check Answer remaining P12-57A (similar to) Question Help Top managers of O'Hare 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.) B. (Click the icon to view the balance sheet.) Read the requirements. O'Hare Products, Inc. Common-Size Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry O'Hare Average Net sales 100.0 % % % 57.3 % Cost of goods sold Gross profit % 42.7 % % 29.4 % Operating expenses Operating income % 13.3 % Other expenses % 2.5% % 10.8 % Net income Enter any number in the edit fields and then click Check Answer. 3 parts Clear All Check A remaining P12-57A (similar to) Question Help company's accountant has given you the business's income statement, Top managers of O'Hare Products, Inc., have asked you to compare the company balance sheet, and industry data: F: (Click the icon to view the income statement.) 8 (Click the icon to view the Data Table Read the requirements. O'Hare Products, Inc. Income Statement Compared with Industry Average O'Hare Products, Inc. Common-Size Income Statement Compared with Industry Average Year Ended December 31, 2018 Year Ended December 31, 2018 Industry O'Hare O'Hare Industry Average 100.0 % 57.3 Net sales $ Net sales Average 100.0 57.3 % 820,000 582,200 % Cost of goods sold Gross profit Cost of goods sold Gross profit % 42.7 237,800 205,000 42.7 29.4 % 29.4 Operating expenses Operating income Operating expenses Operating income % 13.3 32,800 4,100 13.3 2.5 Other expenses 2.5 % Other expenses $ 28,700 10.8 % % 10.8 Net income Net income Enter any number in the edit fields and then click Check Answer. Print Done 3 parts Clear All Check Answer remaining P12-57A (similar to) Question Help Data Table pany's accountant has given you the business's income statement, Top managers of O'Hare Products, Inc., have asked you to compare the co balance sheet, and industry data: : (Click the icon to view the income statement) : (Click the icon to vie Read the requirements. Balance Sheet Compared with Industry Average December 31, 2018 O'Hare Products, Inc. Industry Common-Size Income Statement Compared with Industry Avera Year Ended December 31, 2018 O'Hare Average 72.1 % Current assets $ 385,000 Indus Plant assets, net 94,000 19.0 O'Hare Aver Intangible assets, net 19,000 4.8 Net sales % 1 2,000 4.1 Other assets % Cost of goods sold Gross profit $ Total 500,000 100.0 % % % Operating expenses Operating income Current liabilities $ 192,500 47.2 % % Long-term liabilities 21.0 Other expenses % 110,000 197,500 Stockholders' equity 31.8 % Net income Total 500,000 100.0 % Enter any number in the edit fields and then click Check Answer. Print Done 3 parts Check Answer remaining P12-57A (similar to) Question Help Top managers of O'Hare 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: 9: (Click the icon to view the income statement.) (Click the icon to view the balance sheet Read the requirements. Requirements O'Hare Products, Inc. Common-Size Income Statement Compared with Industry Aver Year Ended December 31, 2018 Indu O'Hare Ave Net sales % 1. Prepare a common-size income statement and balance sheet for O'Hare Products. The first column of each statement should present the company's common-size statement, and the second column should show the industry averages. 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? 3. For the analysis of financial position, compare O'Hare 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? % Cost of goods sold Gross profit % % Operating expenses Operating income % Other expenses % % Print Done Net income Enter any number in the edit fields and then click Check Answer. 3 parts Clear All Check Answer remaining