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
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.
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