Question
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.
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