Reference no: EM132585998
The balance sheets at the end of each of the first two years of operations indicate the following:
Kellman Company Year 2 Year 1
Total current assets $613,137 $554,523
Total investments 65,571 52,386
Total property, plant, and equipment 857,810 629,062
Total current liabilities 110,007 80,868
Total long-term liabilities 324,900 239,112
Preferred 9% stock, $100 par 93,348 93,348
Common stock, $10 par 523,822 523,822
Paid-in capital in excess of par-common stock 69,665 69,665
Retained earnings 414,776 229,156
Question 1: Using the balance sheets for Kellman Company, if net income is $114,398 and interest expense is $36,688 for Year 2, and the market price of common shares is $30, what is the price-earnings ratio on common stock for Year 2 (rounded to two decimal places)?
a. 11.34
b. 14.85
c. 2.02
d. 10.90
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