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% PD-24A (similar to) Question Help The McConnell 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. E: (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 McConnell for both its income statement and balance sheet. Begin by preparing a vertical analysis for McConnell for its income statement. (Round the percent of total amounts to one decimal place, X.X%.) A Requirements 1. Prepare a vertical analysis for McConnell for both its income statement and balance sheet. 2. Compare the company's profit performance and financial position with the average for the industry McConnell Department Stores, Inc. Income Statement Year Ended December 31, 2018 Amount Percent of Total Net Sales Revenue $ 782,000 Cost of Goods Sold 527,850 Gross Profit 254,150 Operating Expenses 164,220 Operating Income 89,930 Other Expenses 3,910 $ 86,0201 Net Ing Data Table Data Table McConnell Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry McConnell Average $ McConnell Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry McConnell Average Current Assets 302,850 70.9% Property. Plant, and Equipment, Net 116,100 23.6 Intangible Assets, Net 7,200 0.8 Other Assets 23,850 Total Assets 450,000 100.0 % 47 9 782,000 Net Sales Revenue Cost of Goods Sold Gross Profit 527,850 100.0 % 65.8 34.2 $ 254,150 164,220 19.7 207 on 207,900 101,700 Operating Expenses Operating Income Other Expenses 48.1 % 16.6 64.7 35.3 89.930 3,910 86,020 Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity 14.5 0.4 309,600 140,400 14.1 % $ 450,000 100.0 % Net Income