Complete the empty frames in the following table and show your work  (identify calculations by letter)

Sapling	Preston
EBIT (Earnings before interest and taxes)	300,000	190,000
Interest expense	A	15,000
Net income	200,000	J
Dividend payout ratio	35%	K
Retention ratio	B	60%
Dividends declared during the year	C	40,000
Sales	3,000,000	L
Average assets during the year	D	1,500,000
Average debt during the year	700,000	M
Average shareholders' equity during the year	1,800,000	N
Asset turnover ratio	E	1.3333
Debt ratio	F	0.3333=1/3
Return on sales	G	0.095
Return on assets	0.12	O
Return on equity	H	0.10
Market price per share, beginning of year	20	P
Market price per share, end of year	15	20
Total shareholder return	I	0.1556
Number of shares outstanding	150,000	50,000
Times interest earned	30	Q