The Rim Department Stores, Inc. chief executive officer (CEO) has asked you to c

Question

The Rim 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 Begin by preparing a vertical analysis for Rim for its income statement (Round the percent of total amounts to one decimal place, xx96) Rim 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 $776,000 521,472 254,528 159,856 94,672 6,984 87,688

Explanation / Answer

Amount Percent of total Net sales revenue 776000 100.0% Cost of goods sold 521472 67.2% Gross Profit 254528 32.8% Operating expenses 159856 20.6% Operating income 94672 12.2% Other expenses 6984 0.9% Net income 87688 11.3%

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