Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Here is the income statement for Myers, Inc. Myers, Inc. Income Statement For the Year Ended December 31, 2020 Sales revenue $404,000 Cost of goods
Here is the income statement for Myers, Inc. Myers, Inc. Income Statement For the Year Ended December 31, 2020 Sales revenue $404,000 Cost of goods sold 186,000 Gross profit 218,000 Expenses (including $10,000 interest and $30,000 income taxes) 98,000 Net income $ 120,000 Additional information: 1. Common stock outstanding January 1, 2020, was 16,000 shares, and 24,000 shares were outstanding at December 31, 2020. 2. The market price of Myers stock was $11.20 in 2020. 3. Cash dividends of $25,200 were paid, $8,000 of which were to preferred stockholders. Compute the following measures for 2020. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) (a) Earnings per shares times (b) Price-earnings ratio (c) Payout ratio (d) Times interest earned times
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started