Problem 13-3A

Condensed balance sheet and income statement data for Glassgow Corporation are presented here.

Additional information:

1.		The market price of Glassgows common stock was $7.50, $10.20, and $7.07 for 2010, 2011, and 2012, respectively.
2.		You must compute dividends paid. All dividends were paid in cash.

Also, please show the how you came to the calculation. Thanks!

GLASSGOW CORPORATION Balance Sheets December 31 2012 2011 01.0) Cash Receivables (net) Other current assets Investments Plant and equipment (net) $31,017 21,017 $19,017 46,017 49,017 67,346 48,346 358,000 51,017 93,346 73,346 500,000 370,000 Current liabilities Long-term debt Common stock, $10 par Retained earnings $733,726 $608,726 $541,726 $86,017 81,017 $ 71,017 88,346 313,346 126,017 $733,726 $608,726 $541,726 148,346 323,346 176,017 53,346 303,346 114,017 GLASSGOW CORPORATION Income Statements For the Years Ended December 31 00112 2011 Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit $743,346 $603,346 41,01731,017 702,329 572,329 428,346 353,346 273,983 218,983 Operating expenses (including income taxes) 181,017151,017 $92,966 67,966 Net income