The Following Are the Income Statements and Balance Sheets for Coors

question 86

Multiple Choice

The following are the income statements and balance sheets for Coors Company: $\begin{array}{ll}&20X2\\\text { Sales (only credit sales) } & \$ 1,606.0 \\\text { Less cost of goods sold } & \underline{1,062.0} \\\text { Gross profit } & \$ 544.0 \\\text { Less operating expenses } & \underline{322.0} \\\text { Operating income } & \$ 222.0 \\\text { Less other expense:Interest } & \underline{9.6} \\\text { Income before tax } & \$ 212.4 \\\text { Less income tax expense } & \underline{\$ 5.0} \\\text { Net income } & \$ \underline{\$ 127.4}\end{array}$

$\begin{array}{lllllll}\text { Currentassets: } & \underline{20 \times 2} & & 20 \times 1 & 20 \times 2 & 20 \times 1 \\\text { Cash } & \$ 36 & \$ 38 & \text { Accts payable } & \$ 98 & \$ 64\\\text { Accts receivable } & 180 & 144 & \text { Wages payable } & 18 & 16 \\\text { Inventory } & 120 & 100 & \text { Taxes payable } & 28 & 4 \\\text { Prepaid rent } & \underline{20} & \underline{24} & \text { Current portion } & &\\\text { Total current assets }&\$356&\$306&\text { of long-term debt }&30&6\end{array}$ $\begin{array}{ll}&20X2\\\text { Sales (only credit sales) } & \$ 1,606.0 \\\text { Less cost of goods sold } & \underline{1,062.0} \\\text { Gross profit } & \$ 544.0 \\\text { Less operating expenses } & \underline{322.0} \\\text { Operating income } & \$ 222.0 \\\text { Less other expense:Interest } & \underline{9.6} \\\text { Income before tax } & \$ 212.4 \\\text { Less income tax expense } & \underline{\$ 5.0} \\\text { Net income } & \$ \underline{\$ 127.4}\end{array}$

$\begin{array}{lllllll}\text { Currentassets: } & \underline{20 \times 2} & & 20 \times 1 & 20 \times 2 & 20 \times 1 \\\text { Cash } & \$ 36 & \$ 38 & \text { Accts payable } & \$ 98 & \$ 64\\\text { Accts receivable } & 180 & 144 & \text { Wages payable } & 18 & 16 \\\text { Inventory } & 120 & 100 & \text { Taxes payable } & 28 & 4 \\\text { Prepaid rent } & \underline{20} & \underline{24} & \text { Current portion } & &\\\text { Total current assets }&\$356&\$306&\text { of long-term debt }&30&6\end{array}$ $\begin{array}{llllll}\text { Long- term assets: } & &&{\text { Total current }} & \\\text { Fixed ass ets } & \$ 320 & \$ 316 & \text { liabilities } & \$ 174 & \$ 90 \\\text { Accum. deprec. } & (206) & (180) & \text { Long- termliabilities } & 66 & 92 \\\text { Total long- term } & \$ 114 & \$ 136 & \text { Total liabilities } & \$ 240 & \$ 182\\\text { assets }\end{array}$

$\begin{array}{lll}\text { Orners' equity: }\\\text { Common stock, } \$ 5 \text { par }&\$80&\$80\\\text { Retainedinc ome } & 150 & 180 \\\text { Total owners' equity } & \$ 230 & \$ 260\\\text { Total liab. and }\\\text { own. equity }& \$ 470& \$ 442\\\text { Total assets }& \$ 470 &\$ 42\\\text { December } 31 \text { market price per share: }&\$120&\$106\end{array}$ The earnings per share for Coors Company in 20X2 is:

• A) $1.04
• B) $1.56
• C) $7.96
• D) $7.50

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