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Question - Crane 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
8,706,025
8,439,980
Total assets
$11,243,325
$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
59,000
58,950
Common stock, $0.25 par value
104,650
103,850
Retained earnings
4,195,075
3,660,530
Total stockholders' equity
4,358,725
3,823,330
Total liabilities and stockholders' equity
Crane Medical Comparative Income Statement and Statement of Retained Earnings For the Year
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
29,450
29,500
Common dividends
433,400
413,050
Total dividends paid
462,850
442,550
Net income retained
534,545
518,130
Retained earnings, beginning of year
3,142,400
Retained earnings, end of year
$4,195,075
$3,660,530
Required -
(a) Calculate the earnings per share (average of 425,000 shares outstanding for the year) for 2020.
(b) Calculate the price/earnings ratio (market price of $48 at year-end) for 2020.
(c) Calculate the dividend payout ratio (dividends of $1.25 per common share for the year) for 2020.
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