The Verifine Department Stores, Inc. chief executive officer (CEO) has asked you

Question

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. ?(Click the icon to view the income statement)?(Click the icon to view the balance sheet) Read the requirements Requirement 1. Prepare a vertical analysis for Veritine for both its income statement and balance sheet Begin by preparing a vertical analysis for Ventne for its income statement. (Round the percent or total amounts to one deamal place, xx%.) Verifine Department Stores, Inc. Income Statement Year Ended December 31, 2018 Amount Percent of Total Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Operating Income Other Expenses Net Income 779,000 525,825 253,175 162,032 91,143 5,453 85,690

Explanation / Answer

Amount Percent of total Net sales revenue 779000 100.0% Cost of goods sold 525825 67.5% Gross Profit 253175 32.5% Operating expenses 162032 20.8% Operating income 91143 11.7% Other expenses 5453 0.7% Net income 85690 11.0%

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