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Prepare an income statement for Virginia Slim Wear. Take your calculations all the way to computing...

Prepare an income statement for Virginia Slim Wear. Take your calculations all the way to computing earnings per share. (Round EPS answer to 2 decimal places.) Sales $ 1,250,000 Shares outstanding 107,000 Cost of goods sold 780,000 Interest expense 32,000 Selling and administrative expense 45,000 Depreciation expense 22,000 Preferred stock dividends 82,000 Taxes 106,000

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Income Statement
Sales        1,250,000
Less: Cost of goods sold            780,000
Gross Margin            470,000
Depreciation expense              22,000
Selling and Admin expenses              45,000
EBIT            403,000
Less: Interest              32,000
Earnings before taxes            371,000
Less: Taxes            106,000
Net Income            265,000
Preferred Dividend              82,000
Earnings available for Common Shareholders            183,000
Shares outstanding            107,000
EPS                  1.71

jeff jeffy answered 2 years ago
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