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Interest expense Net income before taxes Income taxes (30%} Net income Dividends paid Preferred dividends Common dividends Totai dividends paid Net income retained Retain ed earnings, beginning of year Retain ed earoings, end of year 300,300 303,650 1,424,450 1,372,400 427,335 411,720 $997,115 $960,630 29,500 29,500 433,450 413,100 462,950 442,600 534,115 513,030 3,660,330 3,142,300 $4,194,495 $3,660,380 CaEculate the foi {owing protability ratios for 2020. [Raw mm to 1 decimal piece. 2.3, 50.196.) a. Gross margin percentage in. Return on assets c. Return on common stockholders' equity i eTextbook and Media Save for Later [96 l% | '36 Attempts: O of 3 used Lon gterm debt 3,202,600 3,8 92,600 Total liabilities 6,858,600 6,238,650 Preferred stock, $5 par value 58,950 58,950 Common stock, $0.25 par value 104,650 103,850 Retained earnings 4,194,495 3,6 60,380 Total stockholders' equityr 4,358,095 3,823,180 Total liabilities. and stockholders' ECIUit'f $11,216,695 $10,561,830 Cu Ilumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue [all on account} $10,122,300 $9,613,950 Cost of goods sold 5,612,300 5,298,200 Gross prot 4,565,000 4,315,250 Operating expenses 2,840,250 2,634,200 Net operating income 1,224,250 1,68 1,050 Interest expense 300,300 30 8,650 Net income before taxes 1,424,450 1,322,400 Income taxes {30%} 422,335 41 1,220 Net income $992,115 $960,680 Question 7of8 4'8 View Policies Current Attempt in Progress Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statementfor 2019 and 2020 follow, Cullumber Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $397,000 $417,450 Accounts receivable, net 1,039,000 276,400 Inventory 233,000 63 1,050 Other current assets 331,400 247,100 Total current assets 2,600,400 2,122,000 Property, plant, :5. equipment, net 3,616,295 3,439,330 Total assets $11,216,695 $10,551,330 Liabilities and Stockholders' Equity Current liabilities $3,156,000 $2,346,050 Longterm debt 3,702,600 3,392,600 Total liabilities 6,353,600 6,733,650 Preferred stock, $5 par value 53,950 53,950