The Verifine Department Stores, Inc. chief executive officer (CEO) has asked you to compar income statement and balance sheet as well as the industry average data for retailers. e Click the icon to view the income statement) (Click the icon to view the balance sh Read the requirements Requirement 1. Prepare a common-size income statement and balance sheet for Verifine. T Begin by preparing the common-size income statement for Verifine. (Round your answers to Verifine Department Stores, Inc. Common-Size Income Statement Year Ended December 31, 2018 Verifine Industry Average Net Sales Revenue % 100.0 % 65.8 % Cost of Goods Sold % Gross Profit % 34.2% Operating Expenses % 19.7 % Choose from any list or enter any number in the input fields and then continue to the ne The Verifine Department Stores, Inc. chief executive officer (CEO) has asked y income statement and balance sheet as well as the industry average data for re B (Click the icon to view the income statement.) (Click the icon to view th Read the requirements Requirement 1. Prepare a common-size income statement and balance sheet Begin by preparing the common-size income statement for Verifine. (Round you Verifine Department Stores, Inc. Common-Size Income Statement Year Ended December 31, 2018 Verifine Industry Average Net Sales Revenue % 100.0 % 1 Cost of Goods Sold % 65.8 % Gross Profit % 34.2% Operating Expenses % 19.7% Choose from any list or enter any number in the input fields and then continue Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net Other Assets 67.6% 26.2% 1.21% 5 70.9% 23.6% 0.8% 4.7% % 100 % 100.0% Total Assets 45.8% 22.8 % 48.1% 16.6% Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity 68.6% 64.7 % 35.3% 31.4 % 1001 100.0% Totalt lahtise and inchiriere Ful Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 2. For the profitability analysis, compute Verifine's (a) gross profit percentage and (b) profit margin ratio. Compare the industry average? (a) Compute Verifine's gross profit percentage. (Round the gross profit percentage to one decimal place, XX%) Gross profit percentage = % (b) Computo Verifine's profit margin ratio. (Round the profit margin ratio to one decimal place, XX%) Profit margin ratio % Compare those figures with the industry averages. Is Verifine's profit performance better or worse than the industry average ? When comparing the gross profit percentage and the profit margin ratio with the industry averages, Verifine's profit performance is Requirement 3. For the analysis of financial position, compute Verifines (a) current ratio and (b) debt to equity ratio. Compare the Choose from any list or enter any number in the input fields and then continue to the next question The Verifine Department Stores, Inc chief executive officer (CEO) has asked you to compare the company's profit performance and financial position 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 www.tw (b) Compute Verifine's profit margin ratio. (Round the profit margin ratio to one decimal place, XX%) Profit margin ratio Compare these figures with the industry averages. Is Verifine's profit performance better or worse than the Industry average? When comparing the gross profit percentage and the profit margin ratio with the industry averages. Verifine's profit performance is than their Requirement 3. For the analysis of financial position, compute Verifine's (a) current ratio and (b) debt to equity ratio. Compare these ratios with the in debt to equity industry average is 1.83. Is Verifine's financial position better or worse than the industry averages? (a) Compute Verifine's current ratio (Round the ratio to two decimal places, XXX) Current ratio Choose from any list or enter any number in the input fields and then continue to the next question Click the icon to view the income statement) Read the requirement Click the icon to view the balance sheet Requirement 3. For the analysis of financial position, compute Verifine's (a) current ratio and (b) debt to equity ratio Compare these is with the industry repos. Assume the cure debito equity industry average is 183. Is Verline's financial position better or worse than the industry averages? (a) Computo Verifie's current ratio. (Round the ratio to two decimal places, XXX) Current ratio (bCompute Veriline's debt to equity ratio (Round the ratio to two decimal places, XXX) Debt to equity ratio Compare these ratios with the industry averages. Assume the current ratio industry average la 1.47 and the debt to equity industry average la 189 su Verifieen financial position botter er Veriline's current ratio is the industry average The debt to equity ratio is the industry average Choose from any est or enter any number in the input fields and men continue to the next question a 0 Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Average Verifine ce RO Net Sales Revenue $ 784,000 100.0 % 526,064 65.8 Cost of Goods Sold Gross Profit 257 936 342 161504 19.7 Operating Expenses Operating Income 14.5 96.432 5,488 Other Expenses 0.4 S 90,944 14.1% Net Income the: Print Done Data Table Industry Average Verifine Current Assets S 297 440 70.9 % 115,280 23.6 Property, Plant, and Equipment, Net Intangible Assets, Net 0.8 5,280 22,000 4.7 Other Assets $ 440,000 100.0 % Total Assets Current Liabilities h $ 48.1 % 201,520 100.320 Long-term Liabilities 16.6 Total Liabilities 301.840 64.7 Print Done - X Data Table 297,440 70.9% Current Assets 115,280 23.6 Property, Plant, and Equipment, Net Intangible Assets, Net 5,280 22.000 0.8 4.7 Other Assets $ 440,000 100.0 % Total Assets Current Liabilities $ 48.1 % 201,520 100,320 16.6 Long-term Liabilities Total Liabilities 301.840 138,160 64.7 35.3 Stockholders' Equity Total Liabilities and Stockholders Equity $ 440,000 100.0 % Print Done 1)