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sh nts, top managers of Tilt Windows Inc., a specialty fabricating company, have asked for and your help in comparing the company's profit performance and financial position with the average for the window-making industry. The accountant has given you the A dustry company's income statement and balance sheet, and also the average data for their industry (amounts in millions): TILT WINDOWS INC. Income Statement For the Year Ended December 31, 2020 Tilt Windows Industry Average Re Net sales $29.2 100.0% 1. Cost of goods sold 17.6 65.9 Gross margin 11.6 34.1 2 . Operating expenses 8.4 28.1 Operating income 3.2 6.0 Other expenses 0.2 0.4 Net income $ 3.0 5.6% TILT WINDOWS INC. Balance Sheet December 31, 2020 Tilt Windows Industry Average Current assets $10.4 66.6% Property, plant, equip., net 8.0 32.3 Other assets 0.2 1.1 Total assets $18.6 100.0% P18-5B Current liabilities $ 6.2 35.6% Long-term liabilities 5.2 19.0 Shareholders' equity 7.2 45.4 Total liabilities and shareholders' equity $18.6 100.0% Assic Required 1. Prepare a two-column common-size income statement and a two-column com- mon-size balance sheet for Tilt Windows Inc. The first column of each statement should present Tilt Windows Inc.'s common-size statement, and the second col- umn should show the industry averages. Round all answers to one decimal place. 2. For the profitability analysis, compare Tilt Windows Inc.'s (a) ratio of gross mar- gin to net sales, (b) ratio of operating income (loss) to net sales, and (c) ratio of net income (loss) to net sales with the industry averages. Is Tilt Windows Inc.'s profit performance better or worse than the average for the industry? 3. For the analysis of financial position, compare Tilt Windows Inc.'s (a) ratio of cur- rent assets to total assets and (b) ratio of shareholders' equity to total assets with the industry averages. Is Tilt Windows Inc.'s financial position better or worse than the average for the industry