Top maroon of Medical Products in howe uskod for your help in corporeng the company's peolt performance and hancial portion with the average or with the clothes on you the came the following data for the industry Click the icon to view the income statement) Click the icon to view the balance sheet.) Requruments Requirement 1. Prepare a common-size income statement and balance sheet for Medical Products Round the percentages to one decimal place, XX%) Sturt by propaning a common se income statement for Medical Products Inc Medical Products Inc Common Se Income Statement compared with Industry Average For the Year Ended December 31, 2020 Medical Industry Products Average 1000 559 441 281 Net salos Cost of goods sold GTA5 thi Operating expenses Operating income Other expenses Net income 160 24 136 and then in Answer Balance sheet X y's profit performance and financial position with the average for the industry Income statement Medical Products Inc Balance Shoot Compared with industry Average As at December 31, 2020 Medical Products Industry Average T44 200 Current assets 486 000 Medical Products Inc, Income Statement Compared with industry Average For the Year Ended December 31 2020 Medical Industry Products Average Net sales s 957.000 100 0.9 652.000 55.9 Cost of goods sold Gross profit 305.000 441 200 000 28.1 Operating expenses 105 000 160 Operating income 3000 24 Other expenses 102.000 13.6" Not income Property and equipment, net Intangible assets, net Other ets 117.000 24 000 3,000 630 000 0.6 50 $ 100 0 Total Current liabilities Long-term abilities 245.000 114.000 271,000 630,000 190 354 Shareholders equity s 1000 Total Print Dane Print Done Check Answer Home Statement - Requirements For M 1. Prepare a common-size income statement and balance sheet for Medical Products. The first column of each statement should present Medical Products's common-size statement, and the second column should show the industry averages. 2. For the profitability analysis, compare Medical Products'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. Compare these figures with the industry average. Is Medical Products' profit performance better or worse than the average for the industry? 3. For the analysis of financial position, compute Medical Products's (a) ratios of current assets and current liabilities to total assets and (b) ratio of shareholders' equity to total assets. Compare these ratios with the industry averages. Is Medical Products's financial position better or worse than the average for the industry? % Print Done Print Done Top mariagers of Medical Products Inc. have asked for your help in comparing the company's profit performance and financial position with the average for the industry. The account the following data for the industry (Click the icon to view the income statement.) Click the icon to view the balance sheet) Remoments Requirement 1. Prepare a common size income statement and balance sheet for Medical Products (Round the percentages to one decimal place, X.X%.) Start by preparing a common se income statement for Medical Products Inc Medical Products Inc CommonSc income Statement Compared with industry Average For the Year Ended December 31, 2020 Medical Industry Products Average Net sales 100.0 % Cost of goods sold 559 Goproti 441 Operating expenses 28.1 Operating income 160 Other expenses 2 ing the company's profit performance and financial position with the average for the industry. The accountant has given you con to view the i Income statement heet for Medical Inc e ustry rage 100.0 % 55.9 Medical Products Inc. Income Statement Compared with Industry Average For the Year Ended December 31, 2020 Medical Industry Products Average Net sales 957,000 100.0 % 652,000 55.9 Cost of goods sold Gross profit 305,000 44.1 200,000 28.1 Operating expenses Operating income 105,000 16.0 3,000 2.4 Other expenses $ 102,000 13.696 Net income 44.1 281 16.0 2.4 13.6 96 Print Done Clear All 11 ** com i Balance sheet view Medical Products Inc. Med Balance Sheet Compared with Industry Average As at December 31, 2020 Medical Industry Average Products Current assets $ 486,000 74.4 % 20.0 Property and equipment, net Intangible assets, net 117,000 24,000 3,000 0.6 5.0 Other assets $ Total 630,000 100.0 % Current liabilities $ 245,000 45.6 % Long-term liabilities 19.0 114,000 271,000 Shareholders' equity 35.4 GO Total 630,000 100.0 % Print Done Clear All Balance sheet countar Requirements . 1. Prepare a common-size income statement and balance sheet for Medical Products. The first column of each statement should present Medical Products's common-size statement, and the second column should show the industry averages. 2. For the profitability analysis, compare Medical Products'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. Compare these figures with the industry average Is Medical Products' profit performance better or worse than the average for the industry? 3. For the analysis of financial position, compute Medical Products's (a) ratios of current assets and current liabilities to total assets and (b) ratio of shareholders' equity to total assets Compare these ratios with the industry averages. Is Medical Products's financial position better or worse than the average for the industry? Print Done