A) In 2022, Cullumber Corporation had net sales of $597,000 and cost of goods sold of $355,000. Operating expenses were $148,000, and interest expense was $8,000. The corporations tax rate is 20%. The corporation declared preferred dividends of $11,000 in 2022, and its average common stockholders equity during the year was $192,000.

Prepare an income statement for Cullumber Corporation.

(b) Compute Cullumber Corporations return on common stockholders equity for 2022. (Round answer to 1 decimal place, e.g. 10.5%.) Return on common stockholders equity %

CULLUMBER CORPORATION Income Statement For the Year Ended December 31, 2022 Operating Expenses