Top managers of Walsh 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: LOADING...(Click the icon to view the income statement.)LOADING...(Click the icon to view the balance sheet.) Read the requirementsLOADING.... Requirement 1. Prepare a common-size income statement and balance sheet for Walsh 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, X.X%.) Start by preparing a common-size income statement for Walsh Products, Inc. Walsh Products, Inc. Common-Size Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Walsh Average Net sales % 100.0 % Cost of goods sold % 57.3 % Gross profit % 42.7 % Operating expenses % 29.4 % Operating income % 13.3 % Other expenses % 2.5 % Net income % 10.8 %

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this is information :

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Requirement 1. Prepare a common-size income statement and balance sheet for Gre (Round the percentages to the nearest one-tenth percent, X.X%.) Start by preparing a common-size income statement for Greene Products, Inc. Greene Products, Inc. Common-Size Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Greene Average 100.0 % 100.0 % Net sales Cost of goods sold Gross profit 31.0 % 42.7 % 29.4 4 % Operating expenses Operating income 5.0 % 13.3 % Other expenses 69.0 % 573% 26.0 % 1.0 % 2.5 % 4.0 % 10.8 % Net income Greene Products, Inc. Common-Size Balance Sheet Compared with Industry Average December 31, 2018 Industry Greene 75.0 % Average 72.1 % Current assets Fixed assets, net Intangible assets, net 19.0 % 18.0 % 3.0 % 4.8 % 4.0 % 4.1 % Other assets 100.0 % 100.0 % Total assets 47.2 % Current liabilities Long-term liabilities 40.0 % 22.0 % 21.0 % 38.0 % Stockholders' equity 31.8% 100.0 % 100.0 % Total liabilities and stockholders' equity Data Table - X t performance and financial position with the average for the industry. The Data Table Walsh Products, Inc. Balance Sheet Compared with Industry Average December 31, 2018 Industry Walsh Average Current assets S 435,500 72.1 % 125,960 19.0 Plant assets, net Intangible assets, net 25,460 83,080 4.8 4.1 Other assets Walsh Products, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Walsh Average Net sales $ 959,000 100.0 % Cost of goods sold 632,940 57.3 Gross profit 326,060 42.7 239,750 29.4 Operating expenses Operating income 86,310 13.3 15,344 2.5 Other expenses $ 70,966 Net income $ 670,000 100.0 % Total Current liabilities $ 47.2 % Long-term liabilities 321,600 142,040 206,360 21.0 Stockholders' equity 31.8 10.8 % $ 670,000 100.0 % Total Requirement 1. Prepare a common-size income statement and balance sheet for Walsh 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, X.X%.) Start by preparing a common-size income statement for Walsh Products, Inc. Walsh Products, Inc. Common-Size Income Statement Compared with Industry Average Year Ended December 31, 2018 Industry Walsh Average Net sales 100.0 % % % 57.3 % Cost of goods sold Gross profit % 42.7 % % 29.4 % Operating expenses Operating income % 13.3 % 2.5% Other expenses % % Net income 10.8 %