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Tiger Company uses a periodic inventory system and presents the following items derived from its December 31, 2015, adjusted trial balance:

Operating Expenses

$ 39,830

Dividend Revenue

1,200

Retained Earnings, January 1, 2015

77,550

Sales (net)

235,650

Common Stock, $10 par

50,000

Merchandise Inventory, January 1, 2015

26,400

Purchases (net)

81,720

Balance sheet information
Assets 12/31/16 12/31/15
Cash $20,000 $ 38,000
Accounts receivable 83,000 70,000
Inventory 90,000 85,000
Prepaid Insurance 2,000 1,700
Equipment 40,000 25,000
Less: Accumulated depreciation (700) (500)
Total assets $234,300 $219,200
Liabilities and Stockholders’ Equity
Accounts Payable $30,000 $36,000
Income taxes payable 20,000 15,000
Common stock 100,000 100,000
Retained earnings 84,300 68,200
Total liabilities and stockholders’ equity $234,300 $219,200

The following information is also available for 2015 and is not reflected in the preceding accounts:

  1. The common stock has been outstanding for the entire year. A cash dividend of $0.92 per share was declared.
  2. The income tax rate on all items of income is 30%.
  3. The ending merchandise inventory is $30,030.
  4. A pre-tax $4,200 loss was recognized on the sale of Division E (a component of the company). This division had earned a pre-tax operating income of $2,900 during 2014.
  5. Damaged inventory was written off at a pre-tax loss of $7,620.
  6. An earthquake, which is unusual in the area, caused a $4,700 pre-tax loss.
  7. Prepare a 2015 single-step income statement for Benson Company.
  8. Calculate the Earnings per share and the Profit margin on sales ratios.
  9. Prepare the statement of cash flows, using the indirect method.

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