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Problem - The income statement for XYZ for the year ended December 31, 2016, appears below.
Sales
$900,000
Cost of goods sold
600,000
Gross margin
300,000
Expenses
160,000*
Net income
$ 140,000
*Includes $40,000 of interest expense and $30,000 of income tax expense.
Additional information:
1. Common stock outstanding during 206 totaled 60,000 shares.
2. The market price of Ray's stock was $20 at the end of 2016.
3. Cash dividends of $20,000 were paid, $5,000 of which were paid to preferred stockholders.
Required: Compute the following ratios for 2016:
A. earnings per share.
B. price-earnings.
C. times-interest-earned ratio.
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