QUESTION 12The balance sheets at the end of each of the first two yearsof operations indicate the following:20062005Total current assets$600,000$560,000Total investments60,00040,000Total property, plant, and equipment900,000700,000Total current liabilities150,00080,000Total long-term liabilities350,000250,000Preferred 9% stock, $100 par100,000100,000Common stock, $10 par600,000600,000Paid-in capital in excess of par-common stock60,00060,000Retained earnings325,000210,000If net income is $115,000 and interest expense is $30,000 for2006, and the market price is $30, What is the price-earnings ratioon common stock for 2006. (round to one decimal point)?17.012.112.415.92 points
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