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I need help with this BUS Finance problem I need to create an Income Statement and a Balance Sheet. But I am stuck ... Accumulated Depreciation 176,580 Retained Earnings 337,602 Sales 3,702,480 Cash 35,750 Bonds Payable 421,000 New York 246,580 Depreciation Expense 31,265 Common stock shares outstanding 80,000 Plant and equipment at cost 984,021 Taxes 79,484 AP 62,685 Common Stock $1 par Inventory 185,652 Prepaid expenses 6575 Cost of goods sold 2,665,786 Interest Expense 12,532 selling and admin expense 765,800 marketable securities 12,545 other current liabilities 123,256 capital paid in excess of par 275,000 ok...now this is what I have ... 1. Sales $3,702,480.00 2. Cost of goods sold 2,665,786.00 3. Gross profits 1,036,694.00 4. Selling Administrative expense 765,800.00 5. Depreciation expense 31,265.00 6. Operating profit (EBIT) 239,629.00 7. Interest Expense 12,532.00 8. Earnings before Taxes (EBT) 227,097.00 9. Taxes 79,484.00 10. Earnings after taxes (EAT) 147,613.00 11. Preferred stock dividends ???? what goes here??? 12. Earnings available to common stockholders ???? 13. Common shares outstanding 80,000.00 14. Earnings per share ???? what am I missing? what am I doing wrong?
If the question is silent on preferred stock, then assume there's none. And using your answers, you'll have: 10. Earnings after taxes (EAT) 147,613.00 11. Preferred stock dividends 0 12. Earnings available to common stockholders 147,613 13. Common shares outstanding 80,000 shares 14. Earnings per share $147,613/80,000 common shares = $1.85
These figures don't mention anything about preferred stock, so there isn't any.