Reference no: EM132668675
Problem - The financial records of Whispering Winds Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept the following statistical data related to the income statement:
1. The beginning merchandise inventory was $88,000 and it decreased by 15% during the current year.
2. There were 10,000 common shares outstanding for the entire year.
3. Interest expense was $22,000.
4. The income tax rate was 20%.
5. Cost of goods sold amounted to $440,000.
6. Administrative expenses were 15% of cost of goods sold but only 5% of gross sales.
7. Selling expenses were four fifths of cost of goods sold. Your answer is partially correct.
Required -
1. Prepare a single-step income statement for the year ended December 31, 2020, including calculation of EPS. Expenses should be shown by function.
2. Assume the average market price for the common shares is $986. What is Whispering Winds's price-earnings ratio?
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