The following condensed information is reported by Sporting Collectibles. Income Statement Information Sales revenue Cost of goods sold Net income Balance Sheet Information Current assets Long-term assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Profitability Ratios a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) Le Se The amount of dividends paid % % % times % 2. Determine the amount of dividends paid to shareholders in 2021. 2021 2020 $8,400,000 $7,900,000 5,535,600 5,400,000 332,500 198,000 $1,550,000 $1,450,000 2,150,000 1,850,000 $3,700,000 $3,300,000 $1,150,000 $ 850,000 1,550,000 1,550,000 750,000 750,000 250,000 150,000 $3,700,000 $3,300,000

The following condensed information is reported by Sporting Collectibles. Income Statement Information Sales revenue Cost of goods sold Net income Balance Sheet Information Current assets Long-term assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity Profitability Ratios a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) Le Se The amount of dividends paid % % % times % 2. Determine the amount of dividends paid to shareholders in 2021. 2021 2020 $8,400,000 $7,900,000 5,535,600 5,400,000 332,500 198,000 $1,550,000 $1,450,000 2,150,000 1,850,000 $3,700,000 $3,300,000 $1,150,000 $ 850,000 1,550,000 1,550,000 750,000 750,000 250,000 150,000 $3,700,000 $3,300,000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...

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