Husain, Inc.’s income statement and other financial information for the current

Question

Husain, Inc.’s income statement and other financial information for the current year is presented below. Hussain, Inc. Income Statement For the year ended December 31 Sales revenue $ 189,131 Cost of goods sold 70,360 Gross profit 118,771 Selling, general & administrative expenses 12,885 Operating income 105,886 Interest expense 3,747 Income before taxes 102,139 Income tax expense 4,014 Net income $ 98,125 Balance sheet information: Current assets $ 253,000 Noncurrent assets 506,000 Current liabilities 56,000 Long-term debt 112,000 Using the above information: a. Perform vertical analysis of the income statement.

Explanation / Answer

Income Statement Hussian, INC, For the year ended December -31 Particualr Amt in $ % of sales Sales Revenue         189,131 100.0% Cost of Goods Sold 70360 37.2% Gross profit         118,771 62.8% Selling general & Administrative expenses           12,885 6.8% Operating Income         105,886 56.0% Interest Expenses             3,747 2.0% Income before tax         102,139 54.0% Incoem tax expenses 4014 2.1% Net Income after tax           98,125 51.9%

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