Question 4 Marks 10 Sub Zinc. Inc Industry average Sales Cost of Goods Sold Gross Profit on Sale Operating Expenses: Selling General & Administrative Total Operating Expenses Operating Income Income Taxes Net Income Return on Assets 20,000,000 9800,000 10,200,000 4200,000 3400,000 7600,000 2600,000 1200,000 1400,000 23% 100% 57% 43% 16% 20% 36% 7% 3% 4% 14% Instructions: a) Prepare a two column common size income statement. The first column should show for sub Zero Inc. all items expressed as a percentage of net sales. The second column should show the equivalent industry average for the data given in the problem. The purpose of this statement is to compare the operating results of company against industry. b) Comment specially on differences between subzero Inc., and the industry average with respect to gross profit on sales, selling expenses, general and administrative expenses, operating income, net income and returns on assets.