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Problem
Given is the Income Statement for the year ended December 31, 2010, Statement of Retained Earnings for the year ended December 31, 2010 and Comparative Balance Sheets for 2009 and 2010 of Jeter Corporation:
JETER CORPORATION Income Statement For the Year Ended December 31, 2010
Sales
$
4,190,000
Cost of goods sold
2,820,000
Gross profits
1,370,000
Selling and administrative expense
685,000
Depreciation expense
319,000
Operating income
366,000
Interest expense
89,300
Earnings before taxes
276,700
Taxes
227,000
Earnings after taxes
49,700
Preferred stock dividends
10,000
Earnings available to common stockholders
39,700
Shares outstanding
150,000
Earnings per share
.26
Statement of Retained Earnings For the Year Ended December 31, 2010
Retained earnings, balance, January 1, 2010
45,900
Add: Earnings available to common stockholders, 2010
Deduct: Cash dividends declared and paid in 2010
25,000
Retained earnings, balance, December 31, 2010
60,600
Comparative Balance Sheets For 2009 and 2010
Year-End 2009
Year-End 2010
Assets
Current assets:
Cash
173,000
60,000
Accounts receivable (net)
549,000
573,000
Inventory
645,000
686,000
Prepaid expenses
61,600
37,800
Total current assets
1,428,600
1,356,800
Investments (long-term securities)
90,100
84,700
Plant and equipment
2,240,000
2,930,000
Less: Accumulated depreciation
1,990,000
2,309,000
Net plant and equipment
250,000
621,000
Total assets
1,768,700
2,062,500
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
307,000
555,000
Notes payable
558,000
Accrued expenses
72,800
50,900
Total current liabilities
937,800
1,163,900
Long-term liabilities:
Bonds payable, 2015
195,000
248,000
Total liabilities
1,132,800
1,411,900
Stockholders' equity:
Preferred stock, $100 par value
90,000
Common stock, $1 par value
Capital paid in excess of par
350,000
Retained earnings
Total stockholders' equity
635,900
650,600
Total liabilities and stockholders' equity
If the market value of a share of common stock is 3.2 times book value for 2010, what is the firm's P/E ratio for 2010?
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