Compare the company's profit performance and financial position with the average for the industry.

Income statement compared with industry average:

Prepare a COMMON-SIZE balance sheet, please see attached (CONTAINS BOTH INCOME AND BALANCE SHEET).

Compare the company's profit performance and financial position with the average for the industry. Income statement compared with industry average: 1. Prepare a commonsize income statement and balance sheet for Paul Smith's Store: Industry Paul Smith's Net sales Average $1,000,000 100.0 % Cost of goods sold 680,000 57.3 Gross profit 320,000 42.7 Operating expenses 250,000 29.4 Operating income 70,000 13.3 Other expenses 20,000 2.5 Net income $50,000 10.8% O'Hagan Products, Inc. Balance Sheet Compared with Industry Average December 31, 2012 Industry O'Hagan Average Current assets $236,000 72.1 % Fixed assets, net 87,320 19.0 Intangible assets, net 12,800 4.8 Other assets 63,880 4.1 $400,000 100.0 % Total Current liabilities $190,000 47.2 % Longterm liabilities 86,000 21.0 Stockholders' equity 124,000 31.8 $400,000 100.0 % Total