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.) E (Click the icon to view the balance sheet.) 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, X.X%.) Rim Department Stores, Inc. - X Income Statement Requirements Year Ended December 31, 2018 Amount Percent of Total Net Sales Revenue $ % 776,000 524,576 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. Cost of Goods Sold % Gross Profit % 251,424 162,184 % Operating Expenses Operating Income % 89,240 6,984 Other Expenses % Print Done $ 82,256 Net Income % Rim Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Average Rim Net Sales Revenue $ 776,000 100.0 % 524,576 65.8 Cost of Goods Sold Gross Profit 34.2 251,424 162,184 19.7 Operating Expenses Operating Income 14.5 89,240 6,984 0.4 Other Expenses $ 82,256 14.1 % Net Income Rim Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry Average Rim $ 316,310 70.9 % Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net 123,140 23.6 7,520 0.8 4.7 Other Assets 23,030 $ 470,000 100.0 % Total Assets Current Liabilities $ 215,260 48.1 % 107,160 16.6 Long-term Liabilities Total Liabilities 64.7 322,420 147,580 35.3 Stockholders' Equity $ 470,000 100.0 % Total Liabilities and Stockholders' Equity