The Rim 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 to view the income statement.) Read the requirements (Click the icon to view the balance sheet) Requirement 1. Prepare a vertical analysis for Rim for both its income statement and balance sheet. Begin by preparing a vertical analysis for Rim for its income statement. (Round the percent of total amounts to one decimal place, X.X, and do not enter the %. For example, enter 10.1% as 10.1.) Rim Department Stores, Inc. Income Statement Year Ended December 31, 2024 Amount Percent of Total Net Sales Revenue $ 782,000 % Cost of Goods Sold 526,286 % Gross Profit 255,714 % Operating Expenses 159,528 % Rim Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2024 Industry Rim Average Net Sales Revenue $ 782,000 100.0 % 526,286 65.8 Cost of Goods Sold Gross Profit 255,714 34.2 Operating Expenses 159,528 19.7 Operating Income 96,186 14.5 Other Expenses 7,038 0.4 $ 89,148 14.1 % Net Income December 31, 2024 Industry Rim Average Current Assets $ 330,750 70.9% Property, Plant, and Equipment, Net 124,460 23.6 Intangible Assets, Net 11,760 0.8 23,030 4.7 Other Assets $ 490,000 100.0% Total Assets Current Liabilities $ 228,340 48.1% Long-term Liabilities 111,720 16.6 Total Liabilities 340,060 64.7 149,940 35.3 Stockholders' Equity Total Liabilities and Stockholders' $ 490,000 100.0% Equity 1. Prepare a vertical analysis for Rim for both its income statement and balance sheet. 2. Compare the company's profit performance and financial position with the average for the industry.