The balance sheets at the end of each of the first two years of operations indicate the following: Kellman Company Year 2 Year 1 Total current assets $629,905 $553,724 Total investments 61,449 43,095 Total property, plant, and equipment 918,844 783,040 Total current liabilities 101,856 88,651 Total long-term liabilities 295,597 241,554 Preferred 9% stock, $100 par 81,372 81,372 Common stock, $10 par 573,468 573,468 Paid-in capital in excess of par-common stock 62,998 62,998 Retained earnings 494,907 331,816 Using the balance sheets for Kellman Company, if net income is $108,054 and interest expense is $30,221 for Year 2, and market price is $33, what is the price-earnings ratio on common stock for Year 2 (rounded to two decimal places)
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The balance sheets at the end of each of the first two years of operations indicate the following: K...
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