The McConnell Department Stores, Inc. chief executive officer (CEO) has asked you to compare the company's profit 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 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 om McConnell Department Stores, Inc. Income Statement Year Ended December 31, 2024 Amount Percent of Total Net Sales Revenue $ 784,000 % 530,768 Cost of Goods Sold % Gross Profit 253,232 % Operating Expenses 163,856 % Operating Income 89,376 % Other Expenses 3,920 % 85,456 Net Income % -k Chapter 17 2 of 4 (1 complete) Data Table X the industr McConnell Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2024 ple, enter McConnell Industry Average Current Assets $ 283,920 70.9% 23.6 Property, Plant, and Equipment, Net Intangible Assets, Net 110,040 5,460 20,580 0.8 4.7 Other Assets $ Total Assets 420,000 100.0 % Current Liabilities $ 193,200 92,820 48.1 % 16.6 Long-term Liabilities Total Liabilities 286,020 54.7 Stockholders' Equity 133,980 35.3 Total Liabilities and Stockholders' Equity S 420,000 100.0 % Print Done Clear All Chapter 17 2 of 4 (1 complete) X the industry Data Table X Data Table ple, enter 1 McConnell Department Storos, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2024 Industry McConnell Average $ 784,000 530,768 100.0 % 65.8 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Operating Income Other Expenses 253,232 163,856 34.2 19.7 14.5 89,376 3,920 0.4 $ Net Income 85,456 14.1% Print Done Print Done Clear Al