## Crane Medical### Comparative Income Statement and Statement of Retained Earnings#### For the Year| | 2020 | 2019 ||-----------------|------------------------:|--------------------:|| **Sales revenue (all on account)** | $10,177,250 | $9,614,000 || **Cost of goods sold** | 5,611,750 | 5,298,750 || **Gross profit** | 4,565,500 | 4,315,250 || **Operating expenses** | 2,840,300 | 2,634,200 || **Net operating income** | 1,725,200 | 1,681,050 || **Interest expense** | 300,350 | 308,650 || **Net income before taxes** | 1,424,850 | 1,372,400 || **Income taxes (30%)** | 427,455 | 411,720 || **Net income** | $997,395 | $960,680 || **Dividends paid** | | || - Preferred dividends | 29,500 | 29,500 || - Common dividends | 433,400 | 413,050 || - Total dividends paid | 462,900 | 442,550 || **Net income retained** | 534,545 | 518,130 || **Retained earnings, beginning of year** | 3,660,530 | 3,142,400 || **Retained earnings, end of year** | $4,195,075 | $3,660,530 |### Calculate the following profitability ratios for 2020.*(Round answers to 1 decimal place, e.g. 50.1%)*a. **Gross margin percentage**- **Answer**: 44.86%b. **Return on assets**- **Answer**: 8.87%c. **Return on common stockholders’ equity**- **Answer**: 22.88%The table presented summarizes the financial performance of Crane Medical for the years 2020 and 2019, highlighting key metrics such as sales revenue, cost of goods sold, gross profit, operating expenses, and net income before and after taxes.Additionally, the tables outline the dividends paid, net income retained, and the retained earnings at both ### Crane MedicalCrane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow.#### Crane Medical Comparative Balance Sheet As of December 31**2020 | 2019****Assets***Current assets*- Cash: $395,000 | $417,450- Accounts receivable, net: $1,044,000 | $776,450- Inventory: $717,000 | $681,100- Other current assets: $381,300 | $247,000*Total current assets*: $2,537,300 | $2,122,000- Property, plant, & equipment, net: $8,705,975 | $8,439,980*Total assets*: $11,243,275 | $10,561,980**Liabilities and Stockholders' Equity***Current liabilities*: $3,182,000 | $2,846,000*Long-term debt*: $3,702,600 | $3,892,650*Total liabilities*: $6,884,600 | $6,738,650- Preferred stock, $5 par value: $58,950 | $58,950- Common stock, $0.25 par value: $104,650 | $103,850- Retained earnings: $4,195,075 | $3,660,530*Total stockholders' equity*: $4,358,675 | $3,823,330*Total liabilities and stockholders' equity*: $11,243,275 | $10,561,980This balance sheet highlights the financial position of Crane Medical over two years, showing a comparison between 2019 and 2020. It includes detailed information on assets, liabilities, and stockholders' equity for those years.

Name: ## Crane Medical### Comparative Income Statement and Statement of Ret
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Description: ## Crane Medical### Comparative Income Statement and Statement of Retained Earnings#### For the Year| | 2020 | 2019 ||-----------------|------------------------:|--------------------:|| **Sales revenue (all on account)** | $10,177,250 | $9,614,000

The ratio analysis helps to analyse the financial statements of the business.

Business

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Sales revenue (all on account) $10,177,250 $9,614,00C Cost of goods sold 5,611,750 5,298,750 Gross profit 4,565,500 4,315,250 Operating expenses 2,840,300 2,634,200 Net operating income 1,725,200 1,681,050 Interest expense 300,350 308,650 Net income before taxes 1,424,850 1,372,400 Income taxes (30%) 427,455 411,720 Net income $997,395 $960,680 Dividends paid Preferred dividends 29,500 29,500 Common dividends 433,400 413,05C Total dividends paid 462,900 442,550 Net income retained 534,545 518,130 Retained earnings, beginning of year 3,660,530 3,142,40C Retained earnings, end of year $4,195,075 $3,660,530 Calculate the following profitability ratios for 2020. (Round answers to 1

Sales revenue (all on account) $10,177,250 $9,614,00C Cost of goods sold 5,611,750 5,298,750 Gross profit 4,565,500 4,315,250 Operating expenses 2,840,300 2,634,200 Net operating income 1,725,200 1,681,050 Interest expense 300,350 308,650 Net income before taxes 1,424,850 1,372,400 Income taxes (30%) 427,455 411,720 Net income $997,395 $960,680 Dividends paid Preferred dividends 29,500 29,500 Common dividends 433,400 413,05C Total dividends paid 462,900 442,550 Net income retained 534,545 518,130 Retained earnings, beginning of year 3,660,530 3,142,40C Retained earnings, end of year $4,195,075 $3,660,530 Calculate the following profitability ratios for 2020. (Round answers to 1

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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