Problem: Prepare in good form an income statement for ATM Cards, Inc. Take your calculations all the way to computing earnings per share.
Sales....................................................................................... $800,000
Shares outstanding................................................................. 100,000
Cost of goods sold................................................................. 300,000
Interest expense..................................................................... 20,000
Selling and administrative expense........................................ 40,000
Depreciation expense............................................................. 30,000
Preferred stock dividends...................................................... 80,000
Taxes...................................................................................... 110,000