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 balance sheet.) (Click the icon to view the income statement.) Read the requirements 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, XX, 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 $ 779,000 Cost of Goods Sold 526,604 % O Gross Profit 252,396 % Operating Expenses 163,590 % O Operating Income 88.806 Other Expenses 3,895 Net Income 84,911 Prepare a vertical analysis for Rim for its balance sheet (Round the percent of total amounts to one decimal place, XX, and do not enter the % For example, enter 10.1% as 10.1) Rim Department Stores, Inc. Balance Sheet December 31, 2024 Amount Percent of Total Current Assets $ 303,300 % Property, Plant, and Equipment, Net 116,100 % Intangible Assets, Net 8,550 % 22,050 Other Assets % $ 450,000 Total Assets % Current Liabilities $ 209,700 % Long-term Liabilities. 102,600 % Total Liabilities 312,300 % Stockholders' Equity 137,700) $ 450,000 Total Liabilities and Stockholders' Equity Requirement 2. Compare the company's profit performance and financial position with the average for the industry Rim's gross profit percentage and profit margin ratio are both with the industry the industry average, which indicates a(n) profit performance as compared investment in fixed and intangible assets than the industry average. The company's percentage of debt to total assets is financial position than the average for the industry The company showed a slightly than the industry, which would generally indicate a Requirements 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. Print Don - X cimal p for the industry Data table Rim Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2024 Industry Rim Average Net Sales Revenue $ 779,000 100.0 % 526,604 65.8 Cost of Goods Sold Gross Profit 252,396 34.2 163,590 19.7 Operating Expenses Operating Income 88,806 14.5 3,895 0.4 Other Expenses $ 84,911 14.1% Net Income Print Done - X e decim average for the Data table Rim Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2024 Industry Rim Average Current Assets $ 303,300 70.9% Property, Plant, and Equipment, Net 116,100 23.6 Intangible Assets, Net 8,550 0.8 22,050 4.7 Other Assets $ 450,000 100.0 % Total Assets: Current Liabilities 209,700 48.1% 102,600 16.6 Long-term Liabilities Total Liabilities. 312,300 64.7 137,700 35.3 Stockholders' Equity $ 450,000 100.0% Total Liabilities and Stockholders' Equity Print Done - X