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. (click the icon toview the income statement. (Click the icon to view the balance sheet.) Data Table Read the requirements. Operaung income Other Expenses 0.9 Data Table 7,047 McConnell Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2018 85,347 10.9 Net Income Prepare a vertical analysis for McConnell for its balance sheet. (Round the percent McConnell Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry McConnell Department Stores, Inc. Balance Sheet December 31, 2018 McConnell Average Industry McConnell Average 783,000 100.0 Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net Other Assets Total Assets 297,440 70.9 % 23.6 0.8 4.7 $ 440,000 100.0 % Amount Percent of Total 112,640 7,920 22,000 Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net Other Assets Total Assels S 297440 12,640 7,920 22,000 S 440,000 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Operating Income Other Expenses Net Income 529,308 253,692 161,298 92,394 7,047 $85,347 65.8 34.2 19.7 14.5 0.4 14.1 % Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity S 203,280 97,240 300,520 139,480 S 440,000 Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity 203,280 48.1 % 16.6 64.7 35.3 $. 440,000 100.0 % 97,240 300,520 139,480 Print Done Print Done Requirements 1. Prepare a vertical analysis for McConnell for both its income statement and balance sheet. Compare the company's profit performance and financial position with the average for the industry 2. Print Done