Reference no: EM132574695
Question - Use this income statement to complete the section below. Be sure to show all computations.
Green Country Corporation Income Statement For the Year Ended December 31, 2020
Net Sales 1,470,000.00
Costs and expenses
Cost of goods sold 712,000.00
Selling expenses 112,000.00
Administrative expenses 97,000.00
Research and development 45,000.00
Total costs and expenses 966,000.00
Earnings before interest and taxes 504,000.00
Interest expense 55,000.00
Interest income 4,500.00
Earnings before taxes 444,500.00
Provision for income taxes 155,575.00
Net Income 288,925.00
Required - Using the information reported above, calculate the following for Green Country Corporation (GCC).
a. Gross profit and gross profit percentage
b. Income from operations (operating income)
c. Net profit percentage
GCC has 10,000 shares of $50 par 10% preferred stock outstanding, and 150,000 shares of common stock outstanding (the number remained the same all year). On December 31, its stock was trading at $6.21 per share. Compute: d. earnings per share and e. the price earnings ratio.
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