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The president of Ambrose 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: (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Required 1. Prepare a vertical analysis for Ambrose 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. Requirement 1. Prepare a vertical analysis for Ambrose for both its income statement and balance sheet Begin by preparing a vertical analysis for Ambrose for its income statement. (Round the percent of total amounts to one decimal place, X.X%.) Ambrose Car Parts, Inc. Income Statement For the Year Ended December 31, 2020 Amount Percent of Total Net sales $ 778,000 % Cost of goods sold 525,928 Gross margin 252,072 Operating expenses 160,268 Operating income 91,804 5.446 Other expenses $ 86,358 Net income % Enter any number in the edit fields and then continue to the next question. ?The president of Ambrose 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: (Click the icon to view the income statement.) [ (Click the icon to view the balance sheet.) Required 1. Prepare a vertical analysis for Ambrose 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. Netincome Prepare a vertical analysis for Ambrose for its balance sheet. (Round the percent of total amounts to one decimal place, X.X%.) Ambrose Car Parts, Inc. Balance Sheet December 31, 2020 Amount Percent of Total Current assets $ 312,340 % Property, plant, and equipment 120,520 Intangible assets, net 4,600 Other assets 22,540 460,000 Total assets Current liabilities $ 211,600 % Long-term liabilities 104,880 Enter any number in the edit fields and then continue to the next question. ?The president of Ambrose 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: (Click the icon to view the income statement.) (Click the icon to view the balance sheet.) Required 1. Prepare a vertical analysis for Ambrose 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. Intangible assets, net 4,600 Other assets 22,540 460,000 Total assets Current liabilities $ 211,600 Long-term liabilities 104,880 Total liabilities 316,480 143,520 Shareholders' equity 460,000 Total liabilities and shareholders' equity $ Requirement 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. Ambrose's gross margin and profit margin ratio are both the industry average, which indicates a(n) profit performance as compared with the industry. The company showed a slightly investment in fixed and intangible assets than the industry average. The company's percentage of debt to total assets is than the industry, which would generally indicate a financial position than the average for the industry. Enter any number in the edit fields and then continue to the next question.ofit performance and financial position with the averages for the industry. The accounting office has given you the company's incon e balan i Income Statement X sheet. t sales compared to the industry information shown. Ambrose Car Parts, Inc. Income Statement Compared with Industry Average For the Year Ended December 31, 2020 Ambrose Industry Car Parts Average Net sales 778,000 100.0 % Cost of goods sold 525,928 65.8 Gross margin 252,072 34.2 Operating expenses 160,268 19.7 Operating income 91,804 14.5 perce Other expenses 5,446 0.4 ent in assets compared to the industry information $ 86,358 14.1% erage Net income he industry. n the in Print than the industry, which would generally indica Done23 of 24 (20 complete) Balance Sheet - X mpany's i ffice has given you the comp to view th Ambrose Car Parts, Inc. nd balance Balance Sheet Compared with Industry Average ercent of d to the industry information December 31, 2020 Ambrose Industry Car Parts Average % Current assets $ 312,340 70.9 % Property, plant, and equipment 120,520 23.6 Intangible assets, Net 4,600 0.8 Other assets 22,540 4.7 460,000 100.0% Total assets o Current liabilities $ 211,600 48.1 % margin as Long-term liabilities 104,880 16.6 sets compared to the industry Total liabilities 316,480 64.7 industry 143,520 try 35.3 Shareholders' equity assets the $ 460,000 100.0% Total liabilities and shareholders' equity he industry, which would gen on. Print Done L EPIC T 100%