pare erage k the i Income Statement Specialty Car Parts, Inc. - . X e ind tater argin Income Statement Compared with Industry Average vest For the Year Ended December 31, 2020 Specialty Industry its Car Parts Average e stat Net sales $ 780,000 100.0% 524,160 65.8 Cost of goods sold Gross margin 255,840 34.2 162,240 19.7 Operating expenses Operating income 93,600 14.5 7,020 0.4 Other expenses 86 580 11 10% ext Print Done Balance Sheet a li n Specialty Car Parts, Inc. Balance Sheet Compared with Industry Average December 31, 2020 Current assets Property, plant, and equipment Intangible assets, Net Other assets Total assets D 9 - X stry ent Specialty Industry Car Parts Average 290,250 70.9 % 110,080 23.6 7,740 0.8 21,930 4.7 $ 430,000 100.0% Print Done 407 000 Balance Sheet X stry. Th Current assets 290,250 70.9% Property, plant, and equipment 110,080 23.6 ent in Intangible assets, Net 7,740 0.8 21,930 4.7 Other assets 430,000 100.0% Total assets Current liabilities 197,800 48.1% 98,040 16.6 Long-term liabilities Total liabilities 295,840 64.7 134,160 35.3 Shareholders' equity 430,000 100.0% Total liabilities and shareholders' equity Print Done DELL pris F. 5 F6 F7 F8 L G 87 a 6 The president of Specialty Car Parts, Inc. has asked you to compare the company's profit performance and financial position with the averages for the industry. The accounting office has given you the company's income statement and balance sheet, as well as the industry average data for competitors (Click the icon to view the income statement.) (Click the icon to view the balance sheet) Required 1. Prepare a vertical analysis for Specialty for both its income statement and balance sheet 2. Compare the company's gross margin percentage (gross margin as a percent of net sales) with the average for the industry Comment on their investment in assets compared to the industry information shown 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 Car Parts, Inc. Income Statement For the Year Ended December 31, 2020 Amount Percent of Total Not sales S 780.000 Cost of goods sold 524 160 Enter any number in the edt felds and then continue to the nest question The president of Specialty Car Parts, Inc. has asked you to compare the company's profit performance and financial position with the averages income statement and balance sheet, as well as the industry average data for competitors (Click the icon to view the income statement.) Required (Click the icon to view the balance sheet.) 1. Prepare a vertical analysis for Specialty for both its income statement and balance sheet 2. Compare the company's gross margin percentage (gross margin as a percent of net sales with the average for the industry. Comment on th Not sales Cost of goods sold $ 780,000 524,160 Gross margin 255,840 Operating expenses 162.240 Operating income 93,600 Other expenses 7,020 $ 86,580 Net income 4 Prepare a vertical analysis for Specialty for its balance sheet. (Round the percent of total amounts to one decimal place, X.X%) Enter any number in the edit fields and then continue to the next question Type here to search Exc. 5 4 tab 62 0 IT 434 ps lock A #3 95 DELL 5 W E R S D 66 T 8 27 > LL F G H Prepare a vertical analysis for Specialty for its balance sheet. (Round the percent of total amounts to one decimal place, X.X%.) Specialty Car Parts, Inc. Balance Sheet December 31, 2020 Amount Percent of Total Current assets $ 290,250 % Property, plant, and equipment 110,080 Intangible assets, net 7,740 Other sende 21,930 Enter any number in the edit fields and then continue to the next question het sales) with the average for the industry. Comment on their investment in ass intangible assets, net 7,140 Other assets 21,930 430,000 Total assets Current liabilities $ 197,800 Long-term liabilities 98,040 Total liabilities 295,840 Shareholders' equity 134,160 $ 430,000 Total liabilities and shareholders' anuity. Enter any number in the edit fields and then continue to the next question. tab Type here to search Ex 4 0 caps lock A 1434 A 2 3 14 P DELL W E R T S Z X D C 6 LL >> G LOT 88 C 6 K B N M Requirement 2. Compare the company's gross margin percentage (gross margin as a percent of net sales) with the average for the industry Comment on their investment in assets compared to the industry information shown Specialty's gross margin and proft margin ratio are both the industry average, which indicates an profit performance as compared with the industry. investment in fixed and intangible assets than the industry average. The company's percentage of debt to total assets is financial position than the average for the industry. than the industry, which would generally The company showed a slightly indicate a Enter any number in the edit fields and then continue to the next question Type here to search; F 125 2020