The income statement for Cullumber, Inc. is as follows:CULLUMBER, INC.Income StatementFor the Year Ended December 31, 2021Sales revenue$442,000Cost of goods sold264,000Gross profit178,000Expenses (including $19,000 interest and $36,700 income taxes)114.000Net income$64,000Additional information:12Common stock outstanding January 1, 2021 was 44,000 shares and 54,000 shares were outstanding at December 31, 2021.The market price of Cullumber, Inc., stock was $16 in 2021.3.Cash dividends of $17,130 were paid, $1,770 of which were to preferred stockholders.Compute the following measures for 2021: (Round Earnings per share to 2 decimal places, eg. 52.75. Round other answers to 1 decimalplace, e.g. 52.7.)(a)Earnings per share$(b)Price-earnings ratio(c)Payout ratio(d)Times interest earned1.3112.2times26.7%times

Step 1: (a) Given that, Net income = $64,000 Dividend on preferred stock = $1,770 Weighted average…

Answered: The income statement for Cullumber,…

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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Accounting XYZ Corporation had the following balance sheet information: Total assets: $500,000Total liabilities: $200,000Shareholders' equity: $300,000If XYZ Corporation has 50,000 shares outstanding, what is the book value per share?
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Spring Inc. reports the following information: Net income: $750,000 Dividends on common shares: $210,000 Dividends on preferred shares: $90,000 Average number of common shares outstanding: 250,000 Spring Inc. should report earnings per share of: Question 7 options: $2.16 $1.80 $3.00 $2.64 In 2020, Big Mountain Inc. reported net income of $75,000, and declared and paid a dividend of $14,000. The balance in the retained earnings account on December 31, 2020, was $86,000. What was the opening balance in retained earnings on January 1, 2020? Question 8 options: $25,000 $147,000 $61,000 $86,000
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199. Subject : - Accounting
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