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.

	Rim Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2016
	Rim	Industy Average
Net Sales	$780,000	100.0%
Cost of good sold	525,720	65.8
Gross Profit	254,280	34.2
Operating Expenses	162,240	19.7
Operating Income	92,040	14.5
Other Expenses	6,240	.4
Net Income	$85,000	14,1%

	Rim Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2016
	Rim	Industy Average
Current Assets	$338,000	70.9%
Fixes Assets, Net	126,000	23.6
Intangible Assets, Net	9,500	.8
Other Assets	26,500	4.7
Total Assets	$500,000	100%
Current Liabilities	$234,000	48.1%
Long-Term Liabilities	114,000	16.6
Total Liabilities	348,000	64.7
Stockholders' Equity	152,000	35.3
Total Liabilities and Stockholders Equity	$500,000	100.0%

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.