The Rim Department Stores Inc.chief executive officer (CEO) has asked you to compare the company's proft performance and fnancial position with the averages for the industry. The CEO has given you the company's income statement and balance sheet sa wala the industry Average data for retailers (Click the icon to view the income statement.) Click the icon to view the balance sheet) Read the rucuirements i Data Table Requirement 1. Prepare a common-size Income statement and balance sheet for Rim. The first column of each statement should present im's common-size statement and the second column, the industry averages Begin by preparing the common size Income statement for Rim. (Round your answers to ane denimai piaco, X.XX) i Data Table Rim Department Stores, Inc. Common-Size Income Statement Year Ended December 31, 2018 Rim Department Stores, Inc. Rim Industry Average Income Statement compared with Industry Average Net Sales Revenue 100.0 % Year Ended December 31, 2018 65.8 Cost of Gands Sold Industry Gross Profit 34.2% Rim Average 19.7 Operating Expenses % Net Sales Revenue $ 783,000 100.0% Operating Income le 14.5 X 525,393 35.8 Cost of Goods Sold Other Expenses Gross Profit 267,807 34.2 14.1 159,732 Not Income % 19.7 Operating Expenses Operating Income 97,875 14.5 i Requirements 7,830 0.4 Other Expenses S 90,045 14.1% Net Income Rim Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry Rim Average Current Assets $ 291,970 70.9% Property, Plant, and Equipment, Net 110,080 23.6 Intangible Assets, Net 7,740 0.8 20,210 Other Assets 47 $ 430,000 Total Assets 100.0 % % $ 195,940 481 % Current Liabilities Long-term Liabilities Total Liabilities 98,320 54.7 293,260 136,740 353 Stockholders' Equity Total Liabilities and Stockholders' Equity $ 430,000 100.0 % Print Done Print Done 1. Prepare a comman-size Income statement and balance sheet for Rim. The first column at cach statement should present Rim's common-size statement, and the second column, the industry averages, 2. For the profilabiily analysis, compule Rinis al gross prot percentage and b) profil margin ratio. Compare these figures with the industry averages. Is Rim's profit performance better or worse than the industry average? 3. For the analysis of inancial position, compute Rim's (a) current ratio and betto equity ratin Compare these ratice with the industry averages Assume the current ratio industry everages 1.47, and the debt to equity industry average is 1.83. le Rimis financial position beller or worse than the industry averages