Current Attempt in ProgressCullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet andincome statement for 2019 and 2020 follow.AssetsCurrent assetsCashAccounts receivable, netInventoryOther current assetsTotal current assetsProperty, plant, & equipment, netTotal assetsLiabilities and Stockholders' EquityCurrent liabilitiesLong-term debtTotal liabilitiesSales revenue (all on account)Cost of goods soldGross profitOperating expensesNet operating incomeCullumber MedicalComparative Balance SheetAs of December 31Interest expenseNet income before taxesIncome taxes (30%)Net incomeDividends paidPreferred dividendsCommon dividendsTotal dividends paid.Net income retainedRetained earnings, beginning of yearRetained earnings, end of yeara. Gross margin percentageb. Return on assets2020$397,0001,089,000733,000381,4002,600,4008,616,295Preferred stock, $5 par valueCommon stock, $0.25 par valueRetained earningsTotal stockholders' equityTotal liabilities and stockholders' equity $11,216,695 $10,561,8302020$3,156,0003,702,6006,858,600C. Return on common stockholders' equity8,439,830$11,216,695 $10.561.83058,950104,6504,194,4954.358,095Cullumber MedicalComparative Income Statement and Statement of Retained EarningsFor the Year$10,177,3005,612,300300,3001,424,450427,335$997,1152019$417,450776,400433,450462,950681,050534,115247,1002,122,000$2,846,0503,892,6006,738,650201958,950103,8504,565,000 4.315,2502,840,2502,634,2001,724,750 1,681,0503,660,3803,823,180$9,613,9505,298,700308,6501,372,400411,720$960,68029,500413,100442,600Calculate the following profitability ratios for 2020. (Round answers to 1 decimal place, e.g. 50.1%.)518,0803,660,380 3,142,300$4,194,495 $3,660,380%%%

Gross margin percentage. Formula: Gross Margin % = Gross Profit/Sales Revenue x100 Return on Asset…

Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balan income statement for 2019 and 2020 follow. Cullumber Medical Comparative Balance Sheet As of December 31 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Sales revenue (all on account) Cost of goods cold 2020 $397,000 1,089,000 733,000 381,400 Liabilities and Stockholders' Equity Current liabilities $3,156,000 Long-term debt 3,702,600 Total liabilities 6,858,600 Preferred stock, $5 par value 58,950 Common stock, $0.25 par value 104,650 Retained earnings 4,194,495 Total stockholders' equity 4,358,095 Total liabilities and stockholders' equity $11,216,695 2,600,400 2,122,000 8,616,295 8,439,830 $11,216,695 $10,561,830 2020 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2019 $10,177,300 $417,450 776,400 681,050 247,100 5.612.200 $2,846,050 3,892,600 6,738,650 58,950 103,850 3,660,380 3,823,180 $10,561,830 2019 $9,613,950 5 709 700

Cullumber Medical manufactures hospital beds and other institutional furniture. The company's comparative balan income statement for 2019 and 2020 follow. Cullumber Medical Comparative Balance Sheet As of December 31 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets Sales revenue (all on account) Cost of goods cold 2020 $397,000 1,089,000 733,000 381,400 Liabilities and Stockholders' Equity Current liabilities $3,156,000 Long-term debt 3,702,600 Total liabilities 6,858,600 Preferred stock, $5 par value 58,950 Common stock, $0.25 par value 104,650 Retained earnings 4,194,495 Total stockholders' equity 4,358,095 Total liabilities and stockholders' equity $11,216,695 2,600,400 2,122,000 8,616,295 8,439,830 $11,216,695 $10,561,830 2020 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2019 $10,177,300 $417,450 776,400 681,050 247,100 5.612.200 $2,846,050 3,892,600 6,738,650 58,950 103,850 3,660,380 3,823,180 $10,561,830 2019 $9,613,950 5 709 700

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 4P

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