The Specialty 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.) (Click the icon to view the balance sheet.) Read the requirements. Data table Requirement 1. Prepare a vertical analysis for Specialty for both its income statement and balance sheet. Begin by preparing a vertical analysis for Specialty for its income statement. (Round the percent of total amounts to one decimal place, X.X, and do not enter the %. For example, enter 10.1% as 10.1.) Specialty Department Stores, Inc. Specialty Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2024 Industry Income Statement Requirements Specialty Average Year Ended December 31, 2024 Net Sales Revenue $ 780,000 100.0 % Amount Percent of Total Net Sales Revenue $ 780,000 % 1. Prepare a vertical analysis for Specialty for both its income statement and balance sheet. Cost of Goods Sold 527,280 % Gross Profit 252,720 % 161,460 Operating Expenses % Operating Income 91,260 % 5,460 Other Expenses % $ 85,800 Net Income % Cost of Goods Sold 527,280 65.8 Gross Profit 252,720 34.2 2. Compare the company's profit performance and financial position with the average for the industry. 161,460 19.7 Operating Expenses Operating Income 91,260 14.5 Other Expenses 5,460 0.4 Print Done $ 85,800 14.1 % Net Income Help me solve this Demodocs example Get more help - Print Done Specialty Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2024 Industry Specialty Average Current Assets $ 317,720 70.9 % Property, Plant, and Equipment, Net 119,380 23.6 Intangible Assets, Net 7,990 0.8 24,910 4.7 Other Assets $ 470,000 100.0 % Total Assets Current Liabilities $ 217,610 48.1 % Long-term Liabilities 103,400 16.6 Total Liabilities 321,010 64.7 148,990 35.3 Stockholders' Equity $ 470,000 100.0 % Total Liabilities and Stockholders' Equity