Sheridan Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Sheridan Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $393,000 $417,450 Accounts receivable, net 1,087,000 776,450 Inventory 750,000 681,000 Other current assets 381,400 247,100 Total current assets 2,611,400 2,122,000 Property, plant, & equipment, net 8,651,745 8,439,865 Total assets $11,263,145 $10,561,865 Liabilities and Stockholders' Equity Current liabilities $3,203,000 $2.846,000 Long-term debt 3,702,650 3,892,650 Total liabilities 6,905,650 6,738,650 Liabilities and Stockholders' Equity Current liabilities $3,203,000 $2,846,000 Long-term debt 3,702,650 3,892,650 Total liabilities 6,905,650 6,738,650 Preferred stock, $5 par value 59,000 58,950 Common stock, $0.25 par value 104,650 103,850 Retained earnings 4,193,845 3,660,415 Total stockholders' equity 4,357,495 3,823,215 Total liabilities and stockholders' equity $11,263,145 $10,561,865 Sheridan Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,200 $9,614,000 Cost of goods sold 5,613,200 5,298,750 Gross profit 4,564,000 4,315,250 Operating expenses 2,840,200 2,634,200 Net operating income 1,723,800 1,681,050 Interest expense 300,400 308,600 Net operating income 1,723,800 1,681,050 Interest expense 300,400 308,600 Net income before taxes 1,423,400 1,372,450 Income taxes (30%) 427,020 411,735 Net income $996,380 $960.715 Dividends paid Preferred dividends 29,500 29,550 Common dividends 433,450 413,050 Total dividends paid 462,950 442,600 Net income retained 533,430 518.115 Retained earnings, beginning of year 3,660,415 3,142,300 Retained earnings, end of year $4,193,845 $3,660,415 (a) (a) X Your answer is incorrect. 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.) Earning per share 44.85 $ per share e Textbook and Media Save for Later Attempts: 1 of 3 used Submit Answer (b) X Your answer is incorrect. 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 9.13 (c) ) X Your answer is incorrect. 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 23.63 % e Textbook and Media Save for Later Attempts: 1 of 3 used Submit