The RimDepartment 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.
Rim Department Stores, Inc. |
|||
Income Statement |
|||
Year Ended December 31, 2018 |
|||
Amount |
Percent of Total |
||
Net Sales Revenue |
$780,000 |
% |
|
Cost of Goods Sold |
524,940 |
% |
|
Gross Profit |
255,060 |
% |
|
Operating Expenses |
163,020 |
% |
|
Operating Income |
92,040 |
% |
|
Other Expenses |
3,900 |
% |
|
Net Income |
$88,140 |
% |
Prepare a vertical analysis for
RimRim
for its balance sheet. (Round the percent of total amounts to one decimal place, X.X%.)
Rim Department Stores, Inc. |
|||
Balance Sheet |
|||
December 31, 2018 |
|||
Amount |
Percent of Total |
||
Current Assets |
$309,580 |
% |
|
Property, Plant, and Equipment, Net |
120,520 |
% |
|
Intangible Assets, Net |
7,360 |
% |
|
Other Assets |
22,540 |
% |
|
Total Assets |
$460,000 |
% |
|
Current Liabilities |
$214,360 |
% |
|
Long-term Liabilities |
103,040 |
% |
|
Total Liabilities |
317,400 |
% |
|
Stockholders' Equity |
142,600 |
% |
|
Total Liabilities and Stockholders' Equity |
$460,000 |
% |
Solution
Rim Department Stores, Inc. | ||
Income Statement Compared with Industry Average | ||
Year ended December 31, 2018 | ||
Amount | Percent of total | |
Net Sales Revenue | $ 780,000.00 | 100.0% |
Cost of goods sold | $ 524,940.00 | 67.3% |
Gross profit | $ 255,060.00 | 32.7% |
Operating expenses | $ 163,020.00 | 20.9% |
Operating income | $ 92,040.00 | 11.8% |
Other Expense | $ 3,900.00 | 0.5% |
Net income | $ 88,140.00 | 11.3% |
.
Rim Department Stores, Inc. | |||
Balance Sheet | |||
31-Dec-18 | |||
Amount | Percent of Total | ||
Current Assets | $ 309,580.00 | 67.3% | |
Property, Plant, and Equipment, Net | $ 120,520.00 | 26.2% | |
Intangible Assets, Net | $ 7,360.00 | 1.6% | |
Other Assets | $ 22,540.00 | 4.9% | |
Total Assets | $ 460,000.00 | 100.0% | |
Current Liabilities | $ 214,360.00 | 46.6% | |
Long-term Liabilities | $ 103,040.00 | 22.4% | |
Total Liabilities | $ 317,400.00 | 69.0% | |
Stockholders' Equity | $ 142,600.00 | 31.0% | |
Total Liabilities and Stockholders' Equity | $ 460,000.00 | 100.0% |
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