32. Net sales are $4,500,000 beginning total assets are $2,100,000, and the asset turnover is 3.0 times. What is the ending total asset balance? A) $1,500,000 B) $900,000 C) $2,100,000 D) $1,200,000 Use the following to answer questions 33-34: Luthor Corporation had net income of $160,000 and paid dividends to common stockholders of $40,000 in 2016. The weighted average number of shares outstanding in 2016 was 50,000 shares. Luthor Corporation's common stock is selling for $50 per share on the New York Stock Exchange. 33. Luthor Corporation's price-earnings ratio is A) 3.2 times B) 15.6 times C) 10 times D) 5 times 34. Luthor Corporation's payout ratio for 2016 is A) $5 per share B) 25% C) 20% D) 12.5%