The president of Russell 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 Russell 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 its investment in assets compared to the industry information shown Requirement 1. Prepare a vertical analysis for Russell for both its income statement and balance sheet Begin by preparing a vertical analysis for Russell for its income statement (Round the percent of total amounts to one decimal place, X.X%) Russell Car Parts, Inc. income Statement For the Year Ended December 31, 2023 Amount Percent of Total Net sales $ 778,000 524,372 Cost of goods sold Gross margin 253,628 159.490 Operating expenses Operating income 94,138 4,068 Other expenses Net income 89.470 c. has asked you to compare the a om Income Statement SS arg 13 - X Russell Car Parts, Inc. Income Statement Compared with Industry Average For the Year Ended December 31, 2023 ry. Comment Russell Car Industry anal Parts Average is fo Net sales $ 778,000 100.0% imal place, 524,372 65.8 Parts Cost of goods sold tem Gross margin 253,628 34.2 159,490 19.7 ecen Operating expenses Amo Operating income 94,138 14.5 4,668 0.4 7 Other expenses 5 $ 89,470 14.1% Net income 2 L Print Done Balance Sheet 13 Russell Car Parts, Inc. Balance Sheet Compared with Industry Average December 31, 2023 - Russell Car Industry Parts Average Current assets $ 297,440 70.9% Property, plant, and equipment 114,400 23.6 Intangible assets, Net 5,280 0.8 22,880 4.7 Other assets $ 440,000 100.0% Total assets Current liabilities $ 203,280 48.1% 99,440 16.6 Long-term liabilities Total liabilities 302,720 64.7 137,280 35.3 Shareholders' equity $ 440,000 100.0% Total liabilities and shareholders' equity