Comparative financial statements for Cullumber and Bramble Ltd. are shown below.

CULLUMBER AND BRAMBLE LTD. Income Statement Year Ended December 31
		2021			2020
Net sales		$875,000			$815,000
Cost of goods sold		590,000			545,000
Gross profit		285,000			270,000
Operating expenses		154,000			150,000
Profit from operations		131,000			120,000
Other revenues and expenses
Interest expense		30,000			20,000
Profit before income tax		101,000			100,000
Income tax expense		37,000			25,000
Profit		$64,000			$75,000

CULLUMBER AND BRAMBLE LTD. Balance Sheet December 31
Assets		2021		2020		2019
Cash		$86,000		$90,000		$10,000
Accounts receivable		115,000		115,000		110,000
Inventories		130,000		125,000		98,000
Prepaid expenses		25,000		21,000		150,000
Land, buildings, and equipment		390,000		305,000		300,000
Total assets		$746,000		$656,000		$668,000
Liabilities and Shareholders Equity
Liabilities
Notes payable		$110,000		$100,000		$100,000
Accounts payable		46,000		43,000		60,000
Accrued liabilities		32,000		42,000		35,000
Bonds payable, due 2024		190,000		150,000		174,000
Total liabilities		378,000		335,000		369,000
Shareholders equity
Common shares (20,000 issued)		200,000		200,000		200,000
Retained earnings		168,000		121,000		99,000
Total shareholders equity		368,000		321,000		299,000
Total liabilities and shareholders equity		$746,000		$656,000		$668,000

Additional information:

1.		Seventy-five percent of the sales were on account.
2.		The allowance for doubtful accounts was $4,000 in 2021, $5,000 in 2020, and $3,000 in 2019.
3.		In 2021 and 2020, dividends of $4,000 and $9,000, respectively, were paid to the common shareholders.
4.		Cash provided by operating activities was $103,500 in 2021 and $120,000 in 2020.
5.		Cash used by investing activities was $107,500 in 2021 and $35,000 in 2020.

	13.		Asset turnover			times			times
	14.		Return on assets			%			%
	15.		Return on equity			%			%
	16.		Earnings per share		$			$
	17.		Payout ratio			%			%