Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Comparative Balance Sheet As of December 31 Assets Current assets Cash 20202019 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, &

image text in transcribed
image text in transcribed
image text in transcribed
Comparative Balance Sheet As of December 31 Assets Current assets Cash 20202019 Accounts receivable, net Inventory Other current assets Total current assets Property, plant, \& equipment, net Total assets Liabilities and Stockholders' Equity Matthias Medical Comparative Income Statement and Statement of Retained Earnings For the Year Sales revenue (all on account) Cost of goods sold Gross profit $10,177,200$9,613,900 Operating expenses Net operating income Interest expense Net income before taxes 4,765,4005,411,8004,315,2005,298,700 Income taxes (30%) Net income Dividends paid 1,865,5002,899,9001,681,1002,634,100 \begin{tabular}{lrr} Preferred dividends & 29,450 & 29,450 \\ Common dividends & 419,270 & 413,000 \\ \cline { 1 - 2 } & 448,720 & 442,450 \\ Total dividends paid & 646,920 & 518,300 \\ Net income retained & 3,660,600 & 3,142,300 \\ \cline { 2 } \cline { 4 } Retained earnings, beginning of year & $4,307,520 & $3,660,600 \end{tabular} Calculate the following profitability ratios for 2020 . (Round answers to 1 decimal ploce, eg. 50.1\%.) a. Gross margin percentage % b. Return on assets c. Return on common stockholders' equity %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistics For Economics Accounting And Business Studies

Authors: Michael Barrow

7th Edition

1292118709, 978-1292118703

More Books

Students also viewed these Accounting questions

Question

3 Discuss the component parts of the communications mix.

Answered: 1 week ago