Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following condensed information is reported by Sporting Collectibles. 20212020Income Statement InformationSales revenue$10,860,000$8,500,000Cost of goods sold7,091,5806,000,000Net income365,620258,000Balance Sheet InformationCurrent assets$1,610,000$1,510,000Long-term assets2,210,0001,910,000Total assets$3,820,000$3,420,000Current liabilities$1,210,000$910,000Long-term liabilities1,490,0001,490,000Common stock810,000810,000Retained

The following condensed information is reported by Sporting Collectibles.

20212020Income Statement InformationSales revenue$10,860,000$8,500,000Cost of goods sold7,091,5806,000,000Net income365,620258,000Balance Sheet InformationCurrent assets$1,610,000$1,510,000Long-term assets2,210,0001,910,000Total assets$3,820,000$3,420,000Current liabilities$1,210,000$910,000Long-term liabilities1,490,0001,490,000Common stock810,000810,000Retained earnings310,000210,000Total liabilities and stockholders' equity$3,820,000$3,420,000

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.

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

Financial Reporting And Analysis

Authors: Lawrence Revsine, Daniel Collins

4th Edition

0073527092, 978-0073527093

More Books

Students also viewed these Accounting questions