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The following condensed information is reported by Sporting Collectibles. 2021 2020 Income Statement Information Sales revenue $ 10,024,000 $ 8,300,000 Cost of goods sold 6,565,720
The following condensed information is reported by Sporting Collectibles.
2021 | 2020 | |||||||
Income Statement Information | ||||||||
Sales revenue | $ | 10,024,000 | $ | 8,300,000 | ||||
Cost of goods sold | 6,565,720 | 5,800,000 | ||||||
Net income | 354,420 | 238,000 | ||||||
Balance Sheet Information | ||||||||
Current assets | $ | 1,590,000 | $ | 1,490,000 | ||||
Long-term assets | 2,190,000 | 1,890,000 | ||||||
Total assets | $ | 3,780,000 | $ | 3,380,000 | ||||
Current liabilities | $ | 1,190,000 | $ | 890,000 | ||||
Long-term liabilities | 1,510,000 | 1,510,000 | ||||||
Common stock | 790,000 | 790,000 | ||||||
Retained earnings | 290,000 | 190,000 | ||||||
Total liabilities and stockholders' equity | $ | 3,780,000 | $ | 3,380,000 | ||||
Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.)
2. Determine the amount of dividends paid to shareholders in 2021.
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