The Rim Department Stores, Inc. chief executive officer (CEO) has asked you to compare the company's prolit 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) (Click the icon to view the balance sheet.) Read the requirements 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%.) Rim Department Stores, Inc. Income Statement Year Ended December 31, 2018 Amount Percent of Total Net Sales Revenue 3 780,000 1 Cost of Goods Sold 527 280 56 Gross Profit 252720 96 159.120 Operating Expenses 96 Operating Income 93 600 % Other Expenses 3 900 96 $ 89,700 Net Income 56 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 Done - X Data table Data table Rim Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry Rim Average 3 304,200 70.9% 23.6 Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net Other Assets 115,200 8.550 22,050 0.8 4.7 Rim Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Rim Average Net Sales Revenue $ 780,000 1000% Cost of Goods Sold 527,200 65.B Gross Profit 252,720 34.2 159,120 19.1 Operating Expenses Operating Income 93,600 14.5 Other Expenses 3,900 $ Net Income 89,700 14.1% $ 450,000 100.0 % Total Assets 3 207.000 99 450 48.1 16.6 Current Liabilities Long-term Liabilities - Total Liabilities 64.7 306.450 143.550 Stockholders' Equity 35.3 100.0 % $ 450,000 Total Liabilities and Stockholders' Equity