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Financial statements for Lardy Company appear below: Lardy Company Statement of Financial Position December 31, Year 2 and Year 1 (dollars in...
Financial statements for Lardy Company appear below:Lardy CompanyStatement of Financial PositionDecember 31, Year 2 and Year 1(dollars in thousands)Year 2Year 1Current assets:Cash and marketable securities ..........................$ 180$ 180Accounts receivable, net ....................................220190Inventory ............................................................170180Prepaid expenses ................................................3020Total current assets ................................................600570Noncurrent assets:Plant & equipment, net .......................................1,8301,820Total assets ............................................................$2,430$2,390Current liabilities:Accounts payable ...............................................$ 120$ 130Accrued liabilities ...............................................9060Notes payable, short term ...................................140160Total current liabilities ...........................................350350Noncurrent liabilities:Bonds payable ....................................................360400Total liabilities ....................................................710750Stockholders’ equity: ............................................Preferred stock, $20 par, 10% ............................120120Common stock, $10 par .....................................140140Additional paid-in capital–common stock .........160160Retained earnings ...............................................1,3001,220Total stockholders’ equity .....................................1,7201,640Total liabilities & stockholders’ equity ..................$2,430$2,390.Lardy CompanyIncome StatementFor the Year Ended December 31, Year 2(dollars in thousands)Sales (all on account) .............................................$2,060Cost of goods sold ................................................1,440Gross margin .........................................................620Selling and administrative expense .......................240Net operating income ............................................380Interest expense .....................................................40Net income before taxes ........................................340Income taxes (30%) ...............................................102Net income ............................................................$ 238Dividends during Year 2 totaled $158 thousand, of which $12 thousand were preferred dividends. The market price of a share of common stock on December 31, Year 2 was $210.Lardy Company's dividend yield ratio on December 31, Year 2 was closest to:
