vanhoe Medical manufactures hospital beds and other institutional furniture. The company’s comparative balance sheet and

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vanhoe Medical manufactures hospital beds and other
institutional furniture. The company’s comparative balance sheet
and income statement for 2019 and 2020 follow.
Ivanhoe Medical
Comparative Balance Sheet
As of December 31
2020
2019
Current assets
Cash
Accounts receivable, net
Inventory
Other current assets
Total current assets
Property, plant, & equipment, net
Total assets
Current liabilities
Long-term debt
Total liabilities
Preferred stock, $5 par value
Common stock, $0.25 par value
Retained earnings
Total stockholders’ equity
Total liabilities and stockholders’ equity
Ivanhoe Medical
Comparative Income Statement and Statement of Retained
Earnings
For the Year
2020
2019
Sales revenue (all on account)
Cost of goods sold
Gross profit
Operating expenses
Net operating income
Interest expense
Net income before taxes
Income taxes (30%)
Net income
Dividends paid
Preferred dividends
Common dividends
Total dividends paid
Net income retained
Retained earnings, beginning of year
Retained earnings, end of year
(a)
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Your answer is incorrect.
Calculate the earnings per share (average
of 418,000 shares outstanding for the year) for
2020. (Round answer to 2 decimal places, e.g.
2.55.)
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(b)
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Your answer is incorrect.
Calculate the price/earnings ratio (market price of $48 at
year-end) for 2020. (Round answer to 1 decimal
place, e.g. 2.5.)
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(c)
Calculate the dividend payout ratio (dividends of $1.25 per
common share for the year) for 2020. (Round answer
to 1 decimal place, e.g. 2.5.)
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