The balance sheet and income statement for Cruise Corporation are as follows: &nbs
The balance sheet and income statement for Cruise Corporation
are as
follows:
Balance Sheet as of December 31,
2020
ASSETS
LIABILITIES &
EQUITY
Cash & marketable securities $2,000
Accounts
payable
$30,000
Accounts
Receivable
35,000
Taxes
payable
9,000
Inventory
15,000
Short-term
borrowings
12,000
Total current
assets
$52,000
Total current
liabilities
$51,000
Net P,P &
E
$448,000 Long-term
debt
$200,000
TOTAL
ASSETS
$500,000 Total
liabilities
$251,000
Common stock at
par
$80,000
Additional paid-in capital
$30,000
Retained
earnings
$139,000
TOTAL LIABILITIES &
EQUITY
$500,000
Income Statement for the year ending December 31,
2020
Sales
$800,000
Cost of goods sold 560,000
Gross
profit
$240,000
S, G &
A
100,000
Operating
profit
$140,000
Interest expense
11,660
Earnings b4
tax
$128,340
Income
tax
39,785
Net
Income
$88,555
Cruiseʹs stock was selling for $7 a share at the end of 2020, and
there were 95 thousand shares outstanding. Cruise paid dividends of
$0.05 a share in
2020 .
Calculate Cruises dividend yield, based on the information
provided.
Homework Answers
Dividend yield = Dividend /price
= .05 / 7
= .007143 or .7143% (rounded to .71%)
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