2020 2019 Assets Current assets Cash $397,000 $ 417,450 Accounts receivable, net 1,089,000 776,400 Inventory 733,000 681,050 381,400 247.100 Other current assets Total current assets Property, plant, & equipment, net Total assets 2,600,400 2,122,000 8,616,245 8,439,830 $ 11,216,645 $ 10,561,830 Liabilities and Stockholders' Equity Current liabilities $ 3,156,000 $ 2,846,050 Long-term debt 3,702,600 3,892,600 Total liabilities 6,858,600 6,738,650 Preferred stock, $5 par value Common stock. $0.25 par value 58,900 58,950 104,650 103,850 Retained earnings 4,194,495 3,660,380 Total stockholders' equity 4,358,045 3,823,180 Total liabilities and stockholders' equity $ 11,216,645 $ 10,561,830 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $ 10,177,300 $9,613,950 Cost of goods sold 5,612,300 5,298,700 Gross profit 4,565,000 4,315,250 Operating expenses 2,840,250 2,634,200 Net operating income 1,724,750 1,681,050 Interest expense 300,300 308,650 Net income before taxes 1,424,450 1,372,400 Income taxes (30%) 427,335 411,720 Net income $997,115 $ 960,680 Dividends paid Preferred dividends 29.550 29,500 Common dividends 433,450 413,100 Total dividends paid 463,000 442,600 Net income retained 534,115 518,080 Retained earnings, beginning of year 3,660,380 3,142,300 Retained earnings, end of year $ 4,194,495 $ 3,660,380 Calculate the dividend payout ratio (dividends of $ 1.25 per common share for the year) for 2020. (Round answer to 1 decimal place, e.g. 2.5.) Dividend payout ratio % e Textbook and Media Save for Later Submit Answer Last saved 3 hours ago. Attempts: 2 of 3 used