Financial Overview for Berkshire Hathaway for 2023:

Income Statement Data (in millions):

• Revenue: $245,510
• Cost of Goods Sold: $130,520
• Selling, General and Administrative: $50,120
• Research and Development: $4,750
• Interest Expense: $2,650
• Tax Rate: 24%

Requirements:

1. Prepare the Income Statement for Berkshire Hathaway for 2023.
2. Calculate the Gross Profit.
3. Determine the Operating Income.
4. Compute the Net Income after taxes.
5. Analyze Berkshire Hathaway's profit margin ratio.