Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,300 $9,613,900 Cost of goods sold 5,613,000 5,298,700 Gross profit 4,564,300 4,315,200 Operating expenses 2,840,250 2,634,200 Net operating income 1,724,050 1,681,000 Interest expense 300,400 308,600 Net income before taxes 1,423,650 1,372,400 Income taxes (30%) 427,095 411,720 Net income $996,555 $960,680 Dividends paid Preferred dividends 29,550 29,500 Common dividends 433,350 413,100 Total dividends paid 462,900 442,600 Net income retained 533,655 518,080 Retained earnings, beginning of year 3,660,480 3,142,400 Retained earnings, end of year $4,194,135 $3,660,480 (a) Your answer is correct. Calculate the earnings per share (average of 418,000 shares outstanding for the year) for 2020. (Round answer to 2 decimal places, e.g. 2.55.) (b) (c) Earning per share eTextbook and Media Your answer is correct. 2.31 per share Attempts: 1 of 3 used Calculate the price/earnings ratio (market price of $48 at year-end) for 2020. (Round answer to 1 decimal place, e.g. 2.5.) Price/earnings ratio eTextbook and Media 20.8 Attempts: 1 of 3 used Calculate the dividend payout ratio (dividends of $1.25 per common share for the year) for 2020. (Round answer to 1 decimal place, e.g. 2.5.) Dividend payout ratio % eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer