please describe each and every point clearly

Smart Pro Inc. Balance Sheet Compared with Industry Average As at December 31, 2020 iPad Products Current assets $ 485,000 Property & equipment, net 117,000 Intangible assets, net 25,000 Other assets 2,000 Total current assets $ 629,000 Industry Average 74% 20.0% 0.6% 5.0% 100% 45.6% 19.0% Current liabilities Long-term liabilities Shareholders' equity Total liabilities & shareholders' equity $ 245,000 113,000 271,000 $ 629,000 35.4% 100% Industry Average 74% Current assets Property & equipment, net Intangible assets, net Other assets Total current assets iPad Products $ 485,000 117,000 25,000 2,000 $ 629,000 20.0% 0.6% 5.0% 100% 45.6% 19.0% Current liabilities Long-term liabilities Shareholders' equity Total liabilities & shareholders' equity $ 245,000 113,000 271,000 $ 629,000 35.4% 100% Required: Prepare a common-size income statement and balance sheet for Smart Pro Inc.. The first column of each statement should present Smart Pro Inc. common-size statement, and the second column should show the industry averages. For the profitability analysis, compute Smart Pro Inc.'s (a) ratio of gross profit to net sales, (b) ratio of operating income to net sales, and (c) ratio of net income to net sales. Compare these figures with the industry average. Is Smart Pro Inc.'s profit performance better or worse than the average for the industry