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Question - The president of Fine Car? Parts, Inc. has asked you to compare the? company's profit performance and financial position with the averages for the industry. The accounting office has given you the? company's income statement and balance? sheet, as well as the industry average data for? competitors:
Fine Car Parts, Inc. Income Statement Compared with Industry Average For the Year Ended December 31, 2020
Fine
Industry
Car Parts
Average
Net sales
$777,000
100.00%
Cost of goods sold
525,252
65.8
Gross margin
251,748
34.2
Operating expenses
163,170
19.7
Operating income
88,578
14.5
Other expenses
6,216
0.4
Net income
$82,362
14.10%
Fine Car Parts, Inc. Balance Sheet Compared with Industry Average 31-Dec-20
Current assets
$303,750
70.90%
Property, plant, and equipment
117,900
23.6
Intangible assets, Net
4,950
0.8
Other assets
23,400
4.7
Total assets
$450,000
Current liabilities
$208,800
48.10%
Long-term liabilities
103,500
16.6
Total liabilities
312,300
64.7
Shareholders' equity
137,700
35.3
Total liabilities and shareholders' equity
Required -
1. Make a vertical analysis for Fine for both its income statement and balance sheet.
2. Compare the? company's gross margin percentage? (gross margin as a percent of net? sales) with the average for the industry. Comment on their investment in assets compared to the industry information shown.
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