Frantic Fast Foods had earnings after taxes of $1,200,000 in the year 2009 with 322,000 shares outstanding. On January 1, 2010, the firm issued 30,000 new shares. Because of the proceeds from these new shares and other operating improvements, earnings after taxes increased by 24 percent.
(a)
Compute earnings per share for the year 2009.(Round your answer to 2 decimal places. Omit the “$” sign in your response.)
Earnings per share
(b)
Compute earnings per share for the year 2010.(Round your answer to 2 decimal places. Omit the “$” sign in your response.)
Earnings per share
2.Problem 2-3 Gross profit [LO1]
Hillary Swank Clothiers had sales of $428,000 and cost of goods sold of $260,000.
(a)
What is the gross profit margin (ratio of gross profit to sales)?(Round your answer to the nearest whole percentage. Omit the “%” sign in your response.)
Gross profit margin
(b)
If the average firm in the clothing industry had a gross profit of 35 percent, how is the firm doing?
The firm is .
3.Problem 2-4 Operating profit [LO1]
A-Rod Fishing Supplies had sales of $2,160,000 and cost of goods sold of $1,550,000. Selling and administrative expenses represented 10 percent of sales. Depreciation was 6 percent of the total assets of $4,450,000.
What was the firm’s operating profit? (Omit the “$” sign in your response.)
Operating profit
4.Problem 2-6 Income statement [LO1]
Given the following information, prepare an income statement for the Dental Drilling Company. (Input all amounts as positive values. Omit the “$” sign in your response.)
Selling and administrative expense
$
72,000
Depreciation expense
71,000
Sales
536,000
Interest expense
45,000
Cost of goods sold
179,000
Taxes
53,000
5.Problem 2-7 Income statement [LO1]
Given the following information, prepare an income statement for Jonas Brothers Cough Drops. (Input all amounts as positive values. Omit the “$” sign in your response.)
Selling and administrative expense
$
326,000
Depreciation expense
196,000
Sales
1,600,000
Interest expense
124,000
Cost of goods sold
551,000
Taxes
167,000
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