9.) Prepare in good form an income statement for Virginia Slim Wear. Take your calculations all the way to computing earnings per share.

Sales ..................................................................................................... $1,360,000

Shares outstanding ..............................................................................104,000

Cost of goods sold............................................................................... 700,000

Interest expense................................................................................... 34,000

Selling and administrative expense.................................................49,000

Depreciation expense..........................................................................23,000

Preferred stock dividends ..................................................................86,000

Taxes .................................................................................................... 100,000

24.) The Holtzman Corporation has assets of $400,000, current liabilities of $50,000, and long-term liabilities of $100,000. There is $40,000 in preferred stock outstanding; 20,000 shares of common stock have been issued.

a. Compute book value (net worth) per share.

b. If there is $22,000 in earnings available to common stockholders and Holtzmans stock has a P/E of 18 times earnings per share, what is the cur- rent price of the stock?

c. What is the ratio of market value per share to book value per share?