The following information relates to Summit Industries. What is the price-earnings ratio for the current year? Account Current year Prior year Net sales $780,000 $720,000 Cost of goods sold $468,000 $432,000 Gross profit $312,000 $288,000 Income from operations $165,000 $150,000 Interest expense $25,000 $20,000 Net income $105,000 $98,000 Total assets $560,000 $520,000 $295,000 $310,000 Total liabilities Common stock, 8,000 shares, $35/share $80,000 $80,000

The following information relates to Summit Industries. What is the price-earnings ratio for the current year? Account Current year Prior year Net sales $780,000 $720,000 Cost of goods sold $468,000 $432,000 Gross profit $312,000 $288,000 Income from operations $165,000 $150,000 Interest expense $25,000 $20,000 Net income $105,000 $98,000 Total assets $560,000 $520,000 $295,000 $310,000 Total liabilities Common stock, 8,000 shares, $35/share $80,000 $80,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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What is Preston industries Inc's gross profit? General accounting
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What is Preston industries Inc's gross profit?