Top managers of Bryan Products, Inc., have asked you to compare the company's profit performance and financial position with the average for the industry. The company's accountant has given you the business's income statement, balance sheet, and industry data: (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Prepare a common-size income statement and balance sheet for Bryan Products. The first column of each statement should present the company's common-size statement, and the second column should show the industry averages. (Round the percentages to the nearest one-tenth percent, XX% Do not enter the % sign in any of the input fields.) Start by preparing a common-size income statement for Bryan Products, Inc. Bryan Products, Inc. Common-Size Income Statement Compared with Industry Average Year Ended December 31, 2021 Data table Data table Bryan Products, Inc. Bryan Industry Average Bryan Products, Inc. Balance Sheet Compared with Industry Average Net sales % 100.0 % Cost of goods sold % 57.3% Income Statement Compared with Industry Average December 31, 2021 Year Ended December 31, 2021 Industry Gross profit % 42.7 % Operating expenses % 29.4 % Operating income % 13.3 % Net sales $ Bryan 700,000 462,000 Industry Average Bryan Average Current assets $ 414,800 72.1% 100.0% Plant assets, net 126,480 19.0% 57.3% % Other expenses 2.5% % 10.8% Cost of goods sold Gross profit Intangible assets, net 21,760 4.8% 238,000 42.7% 116.960 4.1% Other assets Net income 175,000 29.4% Requirements Operating expenses Xperating income ther expenses $ 680,000 100.0% Total 63,000 13.3% Current liabilities $ 323,000 47.2% 7,000 2.5% Long-term liabilities 148,240 21.0% $ 56,000 10.8% 208,760 31.8% et income Stockholders' equity $ 680,000 100.0% Total 1. Prepare a common-size income statement and balance sheet for Bryan Products. The first column of each statement should present the company's common-size statement, and the second column should show the industry averages. 2. For the profitability analysis, compare the company's (a) ratio of gross profit to net sales, (b) ratio of operating income to net sales, and (c) ratio of net income to net sales with the industry averages. Is the company's profit performance better or worse than the average for the industry? 3. For the analysis of financial position, compare Bryan Products' (a) ratios of current assets and current liabilities to total assets and (b) ratio of stockholders' equity to total assets. Compare these ratios with the industry averages. Is the company's financial position better or worse than the average for the industry? Print Done Print Done - X Clear all Check answer