Prepare an income statement for Virginia Slim Wear

Question: Prepare an income statement for Virginia Slim Wear…

Prepare an income statement for Virginia Slim Wear. Take your calculations all the way to computing earnings per share. (Round EPS answer to 2 decimal places.)

Sales	$	680,000
Shares outstanding		109,000
Cost of goods sold		170,000
Interest expense		37,000
Selling and administrative expense		40,000
Depreciation expense		26,000
Preferred stock dividends		84,000
Taxes		102,000