Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 20-1 Net Sales (all on account) $2,560,000 $2,170,000 Cost of goods sold 1,890,000 1,610,000 Gross profit $670,000 $560,000 Operating expenses 320,000 230,000 Other expense (interest) 24,200 24,200 Income tax expense 102,600 104,000 Net income $223,200 $201,800 Cash Government notes Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 20-1 $571,200 $245,000 246,000 246,000 //v2.cengagenow.com/ilm/takeAssignment/t Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 20-1 $571,200 $245,000 Cash Government notes 246,000 246,000 Accounts receivable (net) 900,000 795,000 Merchandise inventory 986,000 906,000 Supplies and prepayments 140,000 47,000 Land 106,000 106,000 Building (net) 391,000 391,000 Office equipment (net) 15,000 15,000 Total assets $3,355,200 $2,751,000 GO Current liabilities (accounts payable) $935,000 $534,000 GO Bonds payable 220,000 240,000 Total liabilities $1,155,000 $774,000 Common stock ($10 par, 180,000 shares). $1,800,000 $1,800,000 Retained earnings 400,200 177,000 Total stockholders' equity, $2,200,200 $1,977,000 Total liabilities and stockholders' equity $3,355,200 $2,751,000 Common stock ($10 par, 180,000 shares) Retained earnings $1,800,000 $1,800,000 400,200 177,000 Total stockholders' equity $2,200,200 $1,977,000 Total liabilities and stockholders' equity $3,355,200 $2,751,000 Compute the following market measures for 20-2 (round all calculations to two decimal places). a. Price-earnings ratio (The market price of Cowan Kitchen Counters' common stock was $35.96 on December 31, 20-2.) 39.09 X b. Book value per share of common stock 12.22 Feedback Check My Work Price-Earnings Ratio Market Price of Common Stock/Earnings per Share of Common Stock Book Value per Share of Common Stock Common Stockholders' Equity/Number of Common Shares Outstanding