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.) Year Ended December 31, 2024 ST Verifine Industry Average Net Sales Revenue % 100.0 % 65.8 Cost of Goods Sold Gross Profit % % 34.2% Data table Verifine Department Stores, Inc. Balance Sheet Compared with Industry Average December 31, 2024 Industry Verifine Average Current Assets $ 302,850 70.9 % Property, Plant, and Equipment, Net 116,100 23.6 Intangible Assets, Net 7,200 0.8 - X Intangible Assets, Net Other Assets Total Assets 7.200 0.8 23,850 4.7 $ 450,000 100.0 % Current Liabilities $. 207.000 48.1% Long-term Liabilities 102,600 16.6 Total Liabilities 309,600 647 Data table Total Assets $ 450,000 100.0 % Current Liabilities $ 207.000 48.1 % 102,600 16.6 Long-term Liabilities Total Liabilities 309.600 64.7 Stockholders' Equity 140.400 35.3 Total Liabilities and Stockholders' 450,000 100.0 % Equity Requirements 1. Prepare a common-size income statement and balance sheet for Verifine. The first column of each statement should present Verifine's common-size statement, and the second column, the industry averages. 2. For the profitability analysis, compute Verifine's (a) gross profit percentage and (b) profit margin ratio. Compare these figures with the industry averages. Is Verifine's profit performance better or worse than the industry average? 3. For the analysis of financial position, compute Verifine's (a) current ratio and (b) debt to equity ratio. Compare these ratios with the industry averages. Assume the current ratio industry average is 1.47, and the debt to equity industry average is 1.83. 1s Verifine's financial position better or worse than the industry averages? ec ed Print Done Chec Data table Verifine Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2024 Industry Verifine Average Net Sales Revenue S 781,000 100.0 % 527.175 65.8 Cost of Goods Sold Gross Profit 253.825 34.2 Data table X yo Net Sales Revenue $ 781,000 100.0 % ret Cost of Goods Sold 527,175 65.8 the Gross Profit 253.825 34.2 160,886 19.7 Operating Expenses Operating Income 92,939 14.5 7,029 04 Other Expenses 85,910 14.1% Net Income The Verifine Department Stores, Inc. chief executive officer (CEO) has asked you to compare the company's Verifine Industry Average Net Sales Revenue % 100.0 % 65.8 Cost of Goods Sold % % Gross Profit % 34.2 % HT 197 Operating Expenses 96 Operating Income % 14.5 % 0.4 Other Expenses 4% 14.1 Net Income % %