1). Frantic Fast Foods had earnings after taxes of $420,000 in 2012 with 309,000 shares outstanding. On January 1, 2013, the firm issued 20,000 new shares. Because of the proceeds from the new shares and other operating improvements, earnings after taxes increased by 30 percent.
a. Compute earnings per share for the year of 2012.b. Compute earnings per share for the year 2013.
 
2). Prepare in good form an income statement for Virginia Slim Wear. Take your calculations all the way to computing earnings per share.
Sales ………………….$1,360,000Shares outstanding…………104,000Cost of goods sold…………700,000Interest expense…………..34,000Selling and administrative expense… 49,000Depreciation expense……………..23,000Preffered stock dividends…………86,000Taxes………………………….100,000
3). The Holtzman Corporation has assets of $400,000 current liabilities of $100,000. There is $40,000in preferred stock outstanding; 20,000 shares of common stock have been issued.
a. Compute book value (net worth) per shareb. If there is $22,000 in earnings available to common stockholders and Holtzman’s stock has P/E of 18 times earning per share, what is the current price of stock?
 


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