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i Balance Sheet - X ffice has given y tH Ambrose Car Parts, Inc. ICE Balance Sheet Compared with Industry Average d to the industry December 31, 2020 Industry er Ambrose Car Parts Average Current assets S 312,340 70.9% Property, plant, and equipment 120,520 23.6 Intangible assets, Net 4,600 0.8 4.7 Other assets 22,540 460,000 100.0% Total assets Current liabilities $ 211,600 48.1 % 16.6 Long-term liabilities 104,880 Total liabilities 316,480 64.7 35.3 Shareholders' equity 143,520 $ 460,000 100.0% Total liabilities and shareholders' equity Print DoneThe president of Ambrose Car Parts, Inc. has asked you to compare the company's profit performance and financial position with the averages for the industry. The accounting office has given you the company's income statement and balance sheet, as well as the industry average data for competitors (Click the icon to view the income statement.) [FF (Click the icon to view the balance sheet.) Required 1. Prepare a vertical analysis for Ambrose for both its income statement and balance sheet. 2. Compare the company's gross margin percentage (gross margin as a percent of net sales) with the average for the industry. Comment on their investment in assets compared to the industry information shown. Requirement 1. Prepare a vertical analysis for Ambrose for both its income statement and balance sheet. Begin by preparing a vertical analysis for Ambrose for its income statement. (Round the percent of total amounts to one decimal place, X.X%.) Ambrose Car Parts, Inc. Income Statement For the Year Ended December 31, 2020 Amount Percent of Total Net sales $ 778,000 Cost of goods sold 525,928 Gross margin 252,072 160,268 Operating expenses Operating income 91,804 Other expenses 5,446 $ 86,358 Net income % Enter any number in the edit fields and then continue to the next question. ?to view the balan i Income Statement - X and balance sheet. percent of net sales compared to the industry information show Ambrose Car Parts, Inc. e statement and ba Income Statement Compared with Industry Average it. (Round the pero For the Year Ended December 31, 2020 Ambrose Industry Car Parts Average Net sales 778,000 100.0 % 525,928 65.8 Cost of goods sold Gross margin 252,072 34.2 Operating expenses 160,268 19.7 Operating income 91,804 14.5 5.446 0.4 Other expenses 86,358 14.1% Net income Print Done tion