The Verifine 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.) Read the requirements. (Click the icon to view the balance sheet.) Requirement 1. Prepare a vertical analysis for Verifine for both its income statement and balance sheet. Begin by preparing a vertical analysis for Verifine 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.) Verifine Department Stores, Inc. Income Statement Year Ended December 31, 2024 Amount Percent of Total Net Sales Revenue $ 784,000 % 529,200 Cost of Goods Sold % Gross Profit 254,800 % 162,288 Operating Expenses Operating Income % 92,512 % 7,056 Other Expenses % $ 85,456 Net Income % Prepare a vertical analysis for Verifine for its balance sheet. (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.) Verifine Department Stores, Inc. Balance Sheet December 31, 2024 Amount Percent of Total Current Assets $ 323,040 % Property, Plant, and Equipment, Net 123,840 % Intangible Assets, Net 10,560 % Other Assets 22,560 % $ 480,000 Total Assets % Current Liabilities $ 223,680 % Long-term Liabilities 107,520 % Total Liabilities 331,200 % 148,800 Stockholders' Equity % $ 480,000 Total Liabilities and Stockholders' Equity % Requirement 2. Compare the company's profit performance and financial position with the average for the industry. Verifine's gross profit percentage and profit margin ratio are both less than the industry average, which indicates a(n) unfavorable profit performance as compared with the industry. The company showed a slightly higher investment in fixed and intangible assets than the industry average. The company's percentage of debt to total assets is higher than the industry, which would generally indicate a weaker financial position than the average for the industry.