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Here is the income statement for Lily, Inc. Net sales Cost of goods sold Gross profit Expenses (including $10,000 interest and $21,500 income taxes) Net income Lily, Inc. Income Statement For the Year Ended December 31, 2022 Additional information: 1. 2. 3. $408,000 218,000 190,000 90,000 $100,000 Common stock outstanding January 1, 2022, was 21,000 shares, and 25,000 shares were outstanding at December 31, 2022. (Use a simple average for weighted-average.) The market price of Lily stock was $28 on December 31, 2022 Cash dividends of $29,680 were declared and paid. Compute the following measures for 2022. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, eg. 6.8 or 6.8%)

Here is the income statement for Lily, Inc. Net sales Cost of goods sold Gross profit Expenses (including $10,000 interest and $21,500 income taxes) Net income Lily, Inc. Income Statement For the Year Ended December 31, 2022 Additional information: 1. 2. 3. $408,000 218,000 190,000 90,000 $100,000 Common stock outstanding January 1, 2022, was 21,000 shares, and 25,000 shares were outstanding at December 31, 2022. (Use a simple average for weighted-average.) The market price of Lily stock was $28 on December 31, 2022 Cash dividends of $29,680 were declared and paid. Compute the following measures for 2022. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, eg. 6.8 or 6.8%)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Gross proft Expenses (including $10,000 interest and $21.500 income taxes) Net income Additional information: 1 2 3. (a) (b) Compute the following measures for 2022. (Round Earnings per share to 2 decimal places, eg. 1.65, and all other answers to 1 decimal place, eg. 6.8 or 6.8%) (c) (d) Common stock outstanding January 1, 2022, was 21,000 shares, and 25,000 shares were outstanding at December 31, 2022. (Use a simple average for weighted average) The market price of Lily stock was $28 on December 31, 2022 Cash dividends of $29,680 were declared and paid, Earnings per share Price-earnings ratio Payout ratio Times interest earned eTextbook and Media Solution $ 100,000 190,000 90,000 times 29.7 % 132 times
Transcribed Image Text:Gross proft Expenses (including $10,000 interest and $21.500 income taxes) Net income Additional information: 1 2 3. (a) (b) Compute the following measures for 2022. (Round Earnings per share to 2 decimal places, eg. 1.65, and all other answers to 1 decimal place, eg. 6.8 or 6.8%) (c) (d) Common stock outstanding January 1, 2022, was 21,000 shares, and 25,000 shares were outstanding at December 31, 2022. (Use a simple average for weighted average) The market price of Lily stock was $28 on December 31, 2022 Cash dividends of $29,680 were declared and paid, Earnings per share Price-earnings ratio Payout ratio Times interest earned eTextbook and Media Solution $ 100,000 190,000 90,000 times 29.7 % 132 times
Here is the income statement for Lily, Inc. Net sales Cost of goods sold Gross profit Expenses (including $10,000 interest and $21,500 income taxes). Net income Additional information: 1. Lily, Inc. Income Statement For the Year Ended December 31, 2022 2. 3. $408,000 218,000 190,000 90,000 $ 100,000 Common stock outstanding January 1, 2022, was 21,000 shares, and 25,000 shares were outstanding at December 31, 2022. (Use a simple average for weighted-average.) The market price of Lily stock was $28 on December 31, 2022 Cash dividends of $29,680 were declared and paid. Compute the following measures for 2022. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, eg. 6.8 or 6.8%)
Transcribed Image Text:Here is the income statement for Lily, Inc. Net sales Cost of goods sold Gross profit Expenses (including $10,000 interest and $21,500 income taxes). Net income Additional information: 1. Lily, Inc. Income Statement For the Year Ended December 31, 2022 2. 3. $408,000 218,000 190,000 90,000 $ 100,000 Common stock outstanding January 1, 2022, was 21,000 shares, and 25,000 shares were outstanding at December 31, 2022. (Use a simple average for weighted-average.) The market price of Lily stock was $28 on December 31, 2022 Cash dividends of $29,680 were declared and paid. Compute the following measures for 2022. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, eg. 6.8 or 6.8%)
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