The Rim Department Stores, Ine 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 well as the industry average data for retailers Click the icon to view the income statement me the icon to view the balance sheet Read the requirements Rim Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2024 Industry Average Rim Net Sales Revenue $ 777,000 100.0 % 524,475 Cost of Goods Sold 65.8 Gross Profit 252,525 34.2 158,508 19.7 Operating Expenses Operating Income 94,017 14.5 5,439 0.4 Other Expenses $ 88,578 14.1 % Net Income Balance Sheet Compared with Industry Average December 31, 2024 Industry Average Rim Current Assets $ 331,730 70.9 % 123,480 23.6 Property, Plant, and Equipment, Net Intangible Assets, Net 9,800 0.8 Other Assets 24,990 4.7 $ 490,000 100.0 % Total Assets Current Liabilities $ 229,320 48.1 % 107.800 16.6 Long-term Liabilities Total Liabilities 337 120 64.7 Stockholders' Equity 152 880 35.3 $ 490,000 100.0 % Total Liabilities and Stockholders' Equity 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 Rim Department Stores, Inc. Income Statement Year Ended December 31, 2024 Amount Percent of Total Net Sales Revenue $ 777,000 96 524,475 % Cost of Goods Sold Gross Profit % 252,525 158,508 % Operating Expenses Operating Income % 94,017 5,439 Other Expenses % Net Income 88,578 96 Prepare a vertical analysis for Rim for its balance sheet. (Round the percent of total amounts to one dec Rim Department Stores, Inc. Balance Sheet December 31, 2024 Amount Percent of Total $ 331,730 % Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net % 123,480 9,800 24,990 9 Other Assets 96 Total Assets $ 490,000 % Current Liabilities $ % 229,320 107,800 96 Long-term Liabilities Total Liabilities 96 337,120 152,880 Stockholders' Equity %% $ Total Liabilities and Stockholders' Equity 490,000 96 Requirement 2. Compare the company's profit performance and financial position with the average for the industry Rims gross profit percentage and profit margin ratio are both the industry average, which indicates an) profit performance as compared with the industry The company showed a slightly average for the industry investment in fied and intangible assets than the industry average. The company's percentage of debt to total assets is than the industry, which would which would generally indicate a financial position than the