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M & M has provided the following comparative income statements and supplemental ...

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M & M has provided the following comparative income statements and supplemental ...

M & M has provided the following comparative income statements and supplemental information:

2020

2021

2022

Net sales	$120,000	$132,000	$136,000
Cost of goods sold	62,000	68,000	72,000
Gross margin	58,000	64,000	64,000
Selling and administrative expenses	24,000	26,000	36,000
Depreciation	4,000	6,000	8,000
Operating profit	30,000	32,000	20,000
Income taxes	10,000	8,000	5,000
Net income	$ 20,000	$ 24,000	$ 15,000

Earnings per share	$ 2.00	$ 2.70	$ 1.80
Dividends paid per share	1.40	1.40	1.40
Market price per share	12.00	16.00	10.00

Required:

a.	Calculate M & M's gross margin percentage for 2021.

b.	Calculate M & M's price/earnings ratio for 2021.

c.	Calculate M & M's dividend payout ratio for 2021.

Textbook

Managerial Accounting

Edition: 4^th

Author: Davis

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