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ACRH, Inc. Comparative Income Statement Years Ended December 31, 2012 and 2021 Amounts 2022 2021 Sales $1,850,000 $1,700,000 Less: Sales returns and allowances 55,500 51,000
ACRH, Inc. Comparative Income Statement Years Ended December 31, 2012 and 2021 Amounts 2022 2021 Sales $1,850,000 $1,700,000 Less: Sales returns and allowances 55,500 51,000 Net sales $1,794,500 $1,649.000 Cost of goods sold 1,345,875 1,236,750 Gross profit on sales $ 448,625 $ 412,250 Selling expenses $ 215,000 $ 200,000 General expenses 210,000 190,000 Total expenses $ 425,000 $ 390,000 Net income before income taxes 23,625 22,250 Income tax expense 4,961 4.672 Net income after income taxes S 18,664 $ 17.578ACRH, Inc. Comparative Balance Sheet December 31, 2022 and 2021 2022 2021 Assets Current Assets Cash $123,923 $112,250 Accounts receivable (Net) 113,400 107,000 Inventory 55,705 60,800 Total current assets $293,028 $280,050 Property, Plant, and Equipment Buildings (Net) $157,600 $175,100 Equipment (Net) 65,950 63,850 Land 56,000 56,000 Total property, plant, and equipment $279,550 $294, 950 Total assets $572,578 $575,000 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $155,000 $160,000 Other current liabilities 40,000 45,000 Total current liabilities $195,000 $205,000 Long-Term Liabilities Bonds payable 65,000 75,000 Total long-term liabilities 5 65,000 $ 75,000 Total liabilities 5260,000 $280,000 Stockholders' Equity Common stock ($1 par) $200,000 $200,000 Retained earnings 112,578 95,000 Total stockholders' equity $312,578 $295,000 Total liabilities and stockholders' equity $572,578 $575,000Required: Calculate the price-earnings ratio for 2022 and 2021. The common stock selling price at year-end 2022 was $2.00 and for 2021 was $1.60. (Round your answers to 2 decimal places.) Price Earnings Ratio Choose Numerator Choose Denominator Market price per share of CS EPS of CS = Price earnings ratio 2022 S 2.00 2021 S 1.60
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