Prepare an income statement for Virginia Slim Wear. Take your calculations all the way to computing earnings per share. Sales....................................................................................... $1,360,000 Shares outstanding................................................................. 104,000 Cost of goods sold................................................................. 700,000 Interest expense..................................................................... 34,000 Selling and administrative expense........................................ 49,000 Depreciation expense............................................................. 23,000 Preferred stock dividends...................................................... 86,000 Taxes...................................................................................... 100,000
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Determination of profitability (LO1) Prepare an income statement for Virginia Slim Wear. Take your calculations all the way to computing earnings per share.
Sales....................................................................................... $1,360,000
Shares outstanding................................................................. 104,000
Cost of goods sold................................................................. 700,000
Interest expense..................................................................... 34,000
Selling and administrative expense........................................ 49,000
Taxes...................................................................................... 100,000
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