Prepare an income statement for Virginia Slim Wear. (Input all amounts as positi

Question

Prepare an income statement for Virginia Slim Wear. (Input all amounts as positive values. Round EPS answer to 2 decimal places. Omit the "$" sign in your response.) Sales $ 600,000 Shares outstanding 100,000 Cost of goods sold 200,000 Interest expense 30,000 Selling and administrative expense 40,000 Depreciation expense 20,000 Preferred stock dividends 80,000 Taxes 100,000 VIRGINIA SLIM WEAR Income Statement (11 rows) Earnings available to common stockholders $ Shares outstanding Earnings per share $

Explanation / Answer

income statement for Virginia Slim Wear Sales 600,000 Less: Cost of goods sold 200,000 Gross profit 400000 Less: Selling and administrative expense 40,000 Less: Depreciation expense 20,000 operating profit 340000 Less: Interest expense 30,000 EBT 310000 Less: Taxes 100,000 Earning after tax 210000 Shares outstanding 100,000 EPS(EAT/no. of share) = 2.1

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