Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help with 1&2! thank you 2. Determine the amount of dividends paid to shareholders in 2021.The following condensed information is reported by Sporting Collectibles.

Please help with 1&2! thank you

2.Determine the amount of dividends paid to shareholders in 2021.The following condensed information is reported by Sporting Collectibles.

image text in transcribed
The following condensed information is reported by Sporting Collectibles. 2021 2020 Income Statement Information Sales revenue $13 , 912 , 000 $9 , 200, 000 Cost of goods sold 8, 987, 152 6, 700, 000 Net income 406 , 080 328 , 000 Balance Sheet Information Current assets $ 1, 680, 000 $ 1 , 580 , 000 Long-term assets 2, 280, 000 1, 980, 000 Total assets $ 3,960, 000 $ 3 , 560, 000 Current liabilities $ 1,280, 000 $ 980 , 000 Long-term liabilities 1, 420, 000 1 , 420 , 000 Common stock 880 , 000 880 , 000 Retained earnings 380 , 000 280 , 000 Total liabilities and stockholders' equity $ 3,960, 000 $3, 560, 000 Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio % b. Return on assets % C. Profit margin d. Asset turnover times e. Return on 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

Step: 3

blur-text-image

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

Practicing Financial Planning

Authors: Sid Mittra, Anandi P Sahu, Brian Fischer

12th Edition

9386042851, 9789386042859

More Books

Students also viewed these Accounting questions

Question

The personal characteristics of the sender

Answered: 1 week ago

Question

The quality of the argumentation

Answered: 1 week ago