Rapid Sign CorporationSelected data from the financial statements are presented below:
2020
2019
Net income$110,000
$123,000
Cash dividends paid on common stock42,000
38,000
Average number of common shares outstanding140,000
145,000
Treasury Stock70,000
0
Market price per share of common stock at year-end16.00
13.00
Refer to Rapid Sign Corporation. What is the dividend payout ratio for 2020?
A. 30.0%
B. 30.9%
C. 36.3%
D. 38.2%
Answer: D
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