The following information pertains to Tanzi Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Note: In the calcuation, round the earnings per share amount to the nearest cent.
| Assets
| |
| Cash and short-term investments | $36,295 |
| Accounts receivable (net) | $29,590 |
| Inventory | $38,477 |
| Property, plant and equipment | $234,471 |
| Total Assets | $338,833 |
| Liabilities and Stockholders’ Equity
| |
| Current liabilities | $68,880 |
| Long-term liabilities | $89,407 |
| Stockholders’ equity-common | $180,546 |
| Total Liabilities and stockholders’ equity | $338,833 |
| Income Statement | |
| Sales | $89,866 |
| Cost of goods sold | $40,440 |
| Gross margin | $49,426 |
| Operating expenses | $21,599 |
| Net income | $27,827 |
| Number of shares of common stock | 6,652 |
| Market price of common stock | $34 |
What is the price-earnings ratio for this company?
(I need a detailed answer please where you first calculate earnings per share)
The formula for the price-earnings ratio is the following:
market price per share of common stock/earnings per share on common stock
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