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. E (Click the icon to view the income statement.) B (Click the icon to view the balance sheet.) Read the requirements. 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%.) Verifine Department Stores, Inc. Income Statement Year Ended December 31, 2018 Amount Percent of Total Net Sales Revenue % 783,000 526,959 Cost of Goods Sold Gross Profit % 256,041 159,732 Operating Expenses % Operating Income % 96,309 3,915 Other Expenses % $ 92,394 Net Income % Enter any number in the edit fields and then click Check Answer. ? 1 Data Table Verifine Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Verifine Average Net Sales Revenue $ 100.0 % 783,000 526,959 65.8 Cost of Goods Sold Gross Profit 34.2 256,041 159,732 19.7 Operating Expenses Operating Income 96,309 14.5 3,915 0.4 Other Expenses $ 92,394 14.1 % Net Income Balance Sheet Compared with Industry Average December 31, 2018 Industry Verifine Average $ 323,520 70.9 % Current Assets Property, Plant, and Equipment, Net Intangible Assets, Net 123,840 23.6 8,160 0.8 24,480 4.7 Other Assets $ 480,000 100.0 % Total Assets Current Liabilities $ 48.1 % 221,760 107,520 16.6 Long-term Liabilities Total Liabilities 64.7 329,280 150,720 Stockholders' Equity 35.3 $ 480,000 100.0 % Total Liabilities and Stockholders' Equity