- 4 -
Revenues $24,519,021
Cost of revenue (21,574,516)
Gross profit from operations 2,944,505
Operating expenses (2,539,992)
Income from operations 404,513
Interest expense (50,430)
Other income (net of other
expense) 59,995
Income before taxes 414,078
Provision for income taxes (134,413)
Net income 279,665
IHC’s fiscal 1992 revenues represent a 5-year compound growth of
9.57 percent and a 3-year compound growth of 5.1 percent. IHC’s
balance sheet for April 30, 1992, prepared by independent
auditors, reflects assets of $7,624,578 and liabilities of
$4,539,091, for a net worth of $3,085,487. As of April 30, 1992,
IHC had doubtful receivables of $19,109; this amount was excluded
from the assets reported on the balance sheet. IHC had a line of
credit with a bank but had no outstanding long-term debt.
An analysis of IHC’s income statements for its fiscal years
ended April 30, 1988 through 1992, reveals the following,
expressed in percentages of revenues (discrepancies in arithmetic
are due to rounding):
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Last modified: May 25, 2011