Here is the income statement for Myers, Inc. QUESTION: WHAT IS C)...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Here is the income statement for Myers, Inc.
QUESTION: WHAT IS C) PAYOUT RATIO?
Myers, Inc. Income Statement For the Year Ended December 31, 2020 Sales revenue Cost of goods sold Gross profit Expenses (including $10,000 interest and $26,000 income taxes) Net income $416,000 198,000 218,000 86,000 $ 132,000 Additional information: 1. 2. Common stock outstanding January 1, 2020, was 16,000 shares, and 24,000 shares were outstanding at December 31, 2020. The market price of Myers stock was $13.75 in 2020. Cash dividends of $29,040 were paid, $7,000 of which were to preferred stockholders. 3. Compute the following measures for 2020. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) (a) Earnings per share 6.25 > (b) Price-earnings ratio 2.2 times x! (c) Payout ratio 221 % (d) Times interest earned 16.8 times
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
