josh earned dividends of 2.16 on 54 shares of stock. find the dividend per share.

Crosby Corporation

a. Statement of Cash Flows

Operating activities:

Operating Income               $304,000

Add Depreciation                  300,000

Cash from operations        $604,000

Changes in working capital items:

Accounts receivable (net)       (5,000)

Inventory                                (70,000)

Prepaid expenses                    27,700

Accounts payable                 243,000

Notes payable                         0

Accrued expenses                 (18,900)

Interest expense                   (87,900)  

Taxes                                   (155,000)

Net cash from operations $537,900

Investing Activities:

Purchase of plant              (480,000)

Investments

 (long-term securities)         16,600

Financing Activities:

Bonds payable                      21,000

Preferred stock dividends  (10,000)

Common stock dividends (153,000)

Net cash flows                  ($67,500)

Reconciliation with cash:

Beginning Cash Balance   134,000                

Ending Cash Balance       $66,500

b. The book value per common share for both 20X1 and 20X2:

= Total stockholders’ equity/Common stock outstanding

         20X1                                    20X2

=  $ 1,445,400/150,000              $ 1,343,500/150,000

= $9.636                                     = $8.957

= $9.64                                       = $8.96

Market value = $8.96 * 3.6 = $32.256

c. If the market value of a share of common stock is 3.6 times book value for 20X2, P/E ratio =

P/E ratio = Market price/EPS

= $32.256/$ .34

= 94.87 times

Explanation:

a) Data and Calculations:

CROSBY CORPORATION

Income Statement

For the Year Ended December 31, 20X2

Sales                                                                          $ 3,880,000

Cost of goods sold                                                      2,620,000

Gross profit                                                                $ 1,260,000

Selling and administrative expense    656,000

Depreciation expense                          300,000           956,000

Operating income                                                       $ 304,000

Interest expense                                                              87,900

Earnings before taxes                                                 $ 216,100

Taxes                                                                              155,000

Earnings after taxes                                                      $ 61,100

Preferred stock dividends                                              10,000

Earnings available to common stockholders              $ 51,100

Shares outstanding                                                      150,000

Earnings per share                                                         $ .34

Statement of Retained Earnings

For the Year Ended December 31, 20X2

Retained earnings, balance, January 1, 20X2             $ 855,400

Add: Earnings available to common stockholders, 20X2 51,100

Deduct: Cash dividends declared and paid in 20X2     153,000

Retained earnings, balance, December 31, 20X2     $ 753,500

Comparative Balance Sheets

For 20X1 and 20X2

                                                        Year-End  20X1        Year-End  20X2

Assets

Current assets:

Cash                                                     $ 134,000                 $ 66,500

Accounts receivable (net)                     526,000                   531,000

Inventory                                                649,000                   719,000

Prepaid expenses                                   66,800                      39,100

Total current assets                        $ 1,375,800             $ 1,355,600

Investments (long-term securities)       99,500                     82,900

Gross plant and equipment         $ 2,520,000             $ 3,000,000

Less: Accumulated depreciation     1,450,000                  1,750,000

Net plant and equipment                 1,070,000                 1,250,000

Total assets                                  $ 2,545,300             $ 2,688,500

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable                           $ 315,000                $ 558,000

Notes payable                                    510,000                    510,000

Accrued expenses                              76,900                     58,000

Total current liabilities                   $ 901,900               $ 1,126,000

Long-term liabilities:

Bonds payable, 20X2                      198,000                     219,000

Total liabilities                            $ 1,099,900               $ 1,345,000

Stockholders’ equity:

Preferred stock, $100 par value   $ 90,000                   $ 90,000

Common stock, $1 par value          150,000                     150,000

Capital paid in excess of par         350,000                    350,000

Retained earnings                          855,400                    753,500

Total stockholders’ equity        $ 1,445,400               $ 1,343,500

Total liabilities and

 stockholders’ equity             $ 2,545,300              $ 2,688,500

Changes in working capital items:

                                                    20X1           20X2       Changes

Accounts receivable (net)      526,000       531,000        5,000

Inventory                                 649,000       719,000      70,000

Prepaid expenses                    66,800          39,100     -27,700

Accounts payable                $ 315,000  $ 558,000    243,000

Notes payable                         510,000      510,000   0

Accrued expenses                   76,900        58,000     -18,900

Bonds payable, 20X2          198,000         219,000      21,000

Investments (long-term securities) 99,500    82,900    16,600

Plant and equipment                    252,000  300,000  -48,000

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Answer and Explanation:

The computation is shown below:-

1. Working capital = Current Assets - Current Liabilities

= $3,514,496 - $1,098,280

= $2,416,216

2. Current ratio = Current Assets ÷ Current Liabilities

= $3,514,496 ÷ $1,098,280

= 3.2  times

3. Quick ratio = Quick Assets ÷ Current Liabilities

= ($762,860 + $1,154,610 + $824,900 ) ÷ $1,098,280

= 2.496  times

4. Accounts receivable turnover = Sales ÷ Average accounts Receivable

= $4,316,490 ÷ ($824,900 + $773,800) ÷ 2

= $4,316,490 ÷ $799,350

= 5.4 times

5. Number of days sales in receivables = Number of days in a year ÷ Accounts receivable turnover

= 365 ÷ 5.4

= 67.59 Days

6. Inventory turnover = Cost of goods sold ÷ (Average Inventory)

= $1,553,440 ÷ ($627,800 + $481,800) ÷ 2

= $1,553,440 ÷ $554800

= 2.8

7. Number of days sales in inventory = Number of days in a year ÷ Inventory turnover

= 365 ÷ 2.8

= 130.36 Days

8. Ratio of fixed assets to long-term liabilities = Net Property, plant, and equipment ÷ Total long-term liabilities

= $4,550,000 ÷ $3,500,000

= 1.3

9. Ratio of liabilities to stockholders equity = Total liabilities ÷ Total stockholders' equity

= $4,598,280 ÷ $5,747,850

= 0.80

10. Times interest earned = Income from operations ÷ Other expense (interest)

= $1,070,460 ÷ $280,000

= 3.82

11. Asset turnover = Sales ÷ Average Total Assets

= $4,316,490 ÷ ($10,346,130 + $8,125,942) ÷ 2

= $4,316,490 ÷ $9,236,036

= 0.467

12. Return on total assets = Net Income ÷ Average Total Assets

= $745,200 ÷ $9,236,036

= 8.07%

13. Return on stockholders’ equity = Net Income ÷ Avg. stockholders’ equity

= $745,200 ÷ ($5,747,850 + $5,052,150) ÷ 2

= $745,200 ÷ $5,400,000

= 13.8%

14. Return on common stockholders’ equity = (Net Income - Preferred dividend) ÷ (Average common stockholders’ equity )

= ($745,200 - $12,600) ÷ ($820,000 + $820,000 + $4,207,850 + $3,512,150) ÷ 2

= $732,600 ÷ $4,680,000

= 15.65%

15. Earnings per share on common stock = (Net Income - Preferred dividend) ÷ (Number of Outstanding shares )

= $732,600 ÷ $82,000

= $8.93

16. Price-earnings ratio = Market price ÷ Earning per share

= $52 ÷ $8.93

= 5.82

17. Dividends per share of common stock = Dividend on common stock ÷ Number of Outstanding shares

= $36,900 ÷ $82,000

= $0.45

18. Dividend yield = Dividends per share of common stock ÷ Market price

= $0.45 ÷ $52

= 0.865%

Therefore we have applied the above formulas.

Answer and Explanation:

The computation is shown below:-

1. Working capital = Current Assets - Current Liabilities

= $3,514,496 - $1,098,280

= $2,416,216

2. Current ratio = Current Assets ÷ Current Liabilities

= $3,514,496 ÷ $1,098,280

= 3.2  times

3. Quick ratio = Quick Assets ÷ Current Liabilities

= ($762,860 + $1,154,610 + $824,900 ) ÷ $1,098,280

= 2.496  times

4. Accounts receivable turnover = Sales ÷ Average accounts Receivable

= $4,316,490 ÷ ($824,900 + $773,800) ÷ 2

= $4,316,490 ÷ $799,350

= 5.4 times

5. Number of days sales in receivables = Number of days in a year ÷ Accounts receivable turnover

= 365 ÷ 5.4

= 67.59 Days

6. Inventory turnover = Cost of goods sold ÷ (Average Inventory)

= $1,553,440 ÷ ($627,800 + $481,800) ÷ 2

= $1,553,440 ÷ $554800

= 2.8

7. Number of days sales in inventory = Number of days in a year ÷ Inventory turnover

= 365 ÷ 2.8

= 130.36 Days

8. Ratio of fixed assets to long-term liabilities = Net Property, plant, and equipment ÷ Total long-term liabilities

= $4,550,000 ÷ $3,500,000

= 1.3

9. Ratio of liabilities to stockholders equity = Total liabilities ÷ Total stockholders' equity

= $4,598,280 ÷ $5,747,850

= 0.80

10. Times interest earned = Income from operations ÷ Other expense (interest)

= $1,070,460 ÷ $280,000

= 3.82

11. Asset turnover = Sales ÷ Average Total Assets

= $4,316,490 ÷ ($10,346,130 + $8,125,942) ÷ 2

= $4,316,490 ÷ $9,236,036

= 0.467

12. Return on total assets = Net Income ÷ Average Total Assets

= $745,200 ÷ $9,236,036

= 8.07%

13. Return on stockholders’ equity = Net Income ÷ Avg. stockholders’ equity

= $745,200 ÷ ($5,747,850 + $5,052,150) ÷ 2

= $745,200 ÷ $5,400,000

= 13.8%

14. Return on common stockholders’ equity = (Net Income - Preferred dividend) ÷ (Average common stockholders’ equity )

= ($745,200 - $12,600) ÷ ($820,000 + $820,000 + $4,207,850 + $3,512,150) ÷ 2

= $732,600 ÷ $4,680,000

= 15.65%

15. Earnings per share on common stock = (Net Income - Preferred dividend) ÷ (Number of Outstanding shares )

= $732,600 ÷ $82,000

= $8.93

16. Price-earnings ratio = Market price ÷ Earning per share

= $52 ÷ $8.93

= 5.82

17. Dividends per share of common stock = Dividend on common stock ÷ Number of Outstanding shares

= $36,900 ÷ $82,000

= $0.45

18. Dividend yield = Dividends per share of common stock ÷ Market price

= $0.45 ÷ $52

= 0.865%

Therefore we have applied the above formulas.

1) Gross margin percentage = Gross margin / Net Sales

= $28,000 / $70,000

= 0.40

= 40%

2) EPS = Net earning available to common stockholders / Number of common stocks

EPS = $5,454 / 500 shares

EPS = 10.91

3) Price earning ratio = Market value / EPS

Price earning ratio = $27 / 10.91

Price earning ratio = 2.48

4) Dividend payout ratio = $375 / $5,454

= 0.068

= 6.9%

5) Dividend yield ratio = Dividend per share / Current price

= 0.75 / $27

= 0.02777778

= 2.8%

6) Return on total asset = Net income / Average total asset

= $5,514 / {($74,678 + $68,659) / 2}

= $5,514 / $71668.5

= 0.0769376

= 7.7%

7) Return on common stock holder equity = Net income / Average common stockholder equity

= $5,514 /{ {($45,178 - $1,000) + ($40,099 - $1,000)} / 2}

= $5,514 /{($44,178) + ($39,099) / 2}

= $5,514 / $41638.5

= 0.13242552

= 13.2%

8)Book value per share = Common stockholder equity / Number of common stock equity

= $44,178/ 500

= $88.36

Marshall Inc.

Ratios:

1. Working Capital  = Current assets - Current liabilities

= $2,464,000 - 880,000 = $1,584,000

2. Current ratio  = Current Assets/Current Liabilities

= $2,464,000/880,000 = 2.8 : 1

3. Quick ratio  = (Current Assets - Inventory)/Current Liabilities

= ($2,464,000 - 420,000)/880,000

= $2,044,000/880,000 = 2.3 : 1

4. Accounts receivable turnover  = Average Accounts Receivable / Net Sales

= $542,500/10,850,000 = 0.05 times

Average receivables = ($585,000 + 500,000)/2 = $542,500

5. Number of days' sales in receivables  = Days in the year/Accounts receivable turnover

= 365/0.05 = 7,300 days

6. Inventory turnover  = Cost of goods sold / Average Inventory

= $6,000,000/400,000 = 15 times

Average Inventory = (Beginning inventory + Ending inventory) / 2

= ($420,000 + 380,000)/2 = $400,000

7. Number of days' sales in inventory  = Number of days in a year divided by Inventory turnover ratio = 365 /15 = 24.3 days

8. Ratio of fixed assets to long-term liabilities  = Fixed Assets/Long-term Liabilities = $5,760,000/3,200,000 = 1.8 : 1

9. Ratio of liabilities to stockholders' equity  = Total Liabilities/Stockholders' equity = $4,080,000 / $4,944,000 = 0.83 or 80%

10. Times interest earned  = Earnings before Interest and Taxes / Interest Expense = $1,152,000/132,000 = 8.7 times

11. Asset turnover  = Sales Revenue / Average Total Assets

= $6,000,000/$8,639,000 = 0.7 or 70%

Average Total Assets = Beginning total assets + Ending total assets, all divided by 2

= ($9,024,000 + 8,254,000)/2 = $8,639,000

12. Return on total assets  = EBIT/Average Total Assets

= $1,152,000/$8,639,000 = 13%

13. Return on stockholders' equity  = Earnings after tax/Shareholders' equity = $600,000/$4,944,000 x 100 = 12%

14. Return on common stockholders' equity  = EAT/Common Shareholders' Equity = $600,000 - 10,000/($4,944,000 - 250,000) x 100

= 12.6%

15. Earnings per share (EPS) on common stock  = Net Income divided by the number of outstanding common shares = $600,000/100,000 = $6 per share.

16. Price-earnings ratio  = Market price of shares/EPS = $82.80/$6 = 13.8

17. Dividends per share of common stock  = Dividends/Common Stock shares = $100,000/100,000 shares = $1

18. Dividend yield = Dividend per share / Market price per share = $1/$82.80 = 1.2%

Explanation:

1. Working Capital  is the difference between current assets and current liabilities.

2. Current ratio  is a liquidity ratio of current assets over current liabilities.

3. Quick ratio  is the current ratio modified with the subtraction of inventory.

4. Accounts receivable turnover  is an accounting measure that shows how quickly customers pay for the credit sales.

5. Number of days' sales in receivables  measures the number of days it takes a company to collect its credit sales.  It is a function of the number of days in a year divided by the accounts receivable turnover ratio.

6. Inventory turnover  is a ratio showing how many times a company has sold and replaced its inventory during a given period.

7. Number of days' sales in inventory  is the result of dividing the days in the period by the inventory turnover formula.  It shows the number of days inventory is held before being sold.

8. Ratio of fixed assets to long-term liabilities  shows how much of long-term liabilities is represented in fixed assets.

9. Ratio of liabilities to stockholders' equity  is a financial leverage ratio that shows the relationship between liabilities and stockholders' equity.

10. Times interest earned  (TIE) ratio measures the ability of a company to settle its debt obligations based on its current income.  To calculate the TIE number, take the Earnings before interest and taxes (EBIT) and  divide by the total interest expense.

11. Asset turnover  is a ratio of sales over average assets, which shows company's efficiency in using assets to generate sales.

12. Return on total assets  measures the percentage of earnings before interest and taxes over the average total assets.  It can  be obtained by multiplying profit margin with total asset turnover.

13. Return on stockholders' equity  is a financial ratio that is calculated by dividing a company's earnings after taxes (EAT) by the total shareholders' equity, and then multiplying the result by 100.

14. Return on common stockholders' equity  measures the ratio of earnings after taxes less Preferred Stock Dividend over the common shareholders' equity.

15. Earnings per share on common stock  is the ratio of earnings divided by the number of outstanding common stock shares.  It measures the earnings per share that the company has generated for the common stockholders.

16. Price-earnings ratio  is a ratio of the market price of shares over the earnings per share.  It is used to determine if a company's share is overvalued or undervalued.

17. Dividends per share of common stock  is the dividend paid divided by the number of outstanding common stock.

18. Dividend yield is the ratio of the dividend per share over the market price per share.

1) Gross margin percentage = Gross margin / Net Sales

= $28,000 / $70,000

= 0.40

= 40%

2) EPS = Net earning available to common stockholders / Number of common stocks

EPS = $5,454 / 500 shares

EPS = 10.91

3) Price earning ratio = Market value / EPS

Price earning ratio = $27 / 10.91

Price earning ratio = 2.48

4) Dividend payout ratio = $375 / $5,454

= 0.068

= 6.9%

5) Dividend yield ratio = Dividend per share / Current price

= 0.75 / $27

= 0.02777778

= 2.8%

6) Return on total asset = Net income / Average total asset

= $5,514 / {($74,678 + $68,659) / 2}

= $5,514 / $71668.5

= 0.0769376

= 7.7%

7) Return on common stock holder equity = Net income / Average common stockholder equity

= $5,514 /{ {($45,178 - $1,000) + ($40,099 - $1,000)} / 2}

= $5,514 /{($44,178) + ($39,099) / 2}

= $5,514 / $41638.5

= 0.13242552

= 13.2%

8)Book value per share = Common stockholder equity / Number of common stock equity

= $44,178/ 500

= $88.36

Marshall Inc.

Ratios:

1. Working Capital  = Current assets - Current liabilities

= $2,464,000 - 880,000 = $1,584,000

2. Current ratio  = Current Assets/Current Liabilities

= $2,464,000/880,000 = 2.8 : 1

3. Quick ratio  = (Current Assets - Inventory)/Current Liabilities

= ($2,464,000 - 420,000)/880,000

= $2,044,000/880,000 = 2.3 : 1

4. Accounts receivable turnover  = Average Accounts Receivable / Net Sales

= $542,500/10,850,000 = 0.05 times

Average receivables = ($585,000 + 500,000)/2 = $542,500

5. Number of days' sales in receivables  = Days in the year/Accounts receivable turnover

= 365/0.05 = 7,300 days

6. Inventory turnover  = Cost of goods sold / Average Inventory

= $6,000,000/400,000 = 15 times

Average Inventory = (Beginning inventory + Ending inventory) / 2

= ($420,000 + 380,000)/2 = $400,000

7. Number of days' sales in inventory  = Number of days in a year divided by Inventory turnover ratio = 365 /15 = 24.3 days

8. Ratio of fixed assets to long-term liabilities  = Fixed Assets/Long-term Liabilities = $5,760,000/3,200,000 = 1.8 : 1

9. Ratio of liabilities to stockholders' equity  = Total Liabilities/Stockholders' equity = $4,080,000 / $4,944,000 = 0.83 or 80%

10. Times interest earned  = Earnings before Interest and Taxes / Interest Expense = $1,152,000/132,000 = 8.7 times

11. Asset turnover  = Sales Revenue / Average Total Assets

= $6,000,000/$8,639,000 = 0.7 or 70%

Average Total Assets = Beginning total assets + Ending total assets, all divided by 2

= ($9,024,000 + 8,254,000)/2 = $8,639,000

12. Return on total assets  = EBIT/Average Total Assets

= $1,152,000/$8,639,000 = 13%

13. Return on stockholders' equity  = Earnings after tax/Shareholders' equity = $600,000/$4,944,000 x 100 = 12%

14. Return on common stockholders' equity  = EAT/Common Shareholders' Equity = $600,000 - 10,000/($4,944,000 - 250,000) x 100

= 12.6%

15. Earnings per share (EPS) on common stock  = Net Income divided by the number of outstanding common shares = $600,000/100,000 = $6 per share.

16. Price-earnings ratio  = Market price of shares/EPS = $82.80/$6 = 13.8

17. Dividends per share of common stock  = Dividends/Common Stock shares = $100,000/100,000 shares = $1

18. Dividend yield = Dividend per share / Market price per share = $1/$82.80 = 1.2%

Explanation:

1. Working Capital  is the difference between current assets and current liabilities.

2. Current ratio  is a liquidity ratio of current assets over current liabilities.

3. Quick ratio  is the current ratio modified with the subtraction of inventory.

4. Accounts receivable turnover  is an accounting measure that shows how quickly customers pay for the credit sales.

5. Number of days' sales in receivables  measures the number of days it takes a company to collect its credit sales.  It is a function of the number of days in a year divided by the accounts receivable turnover ratio.

6. Inventory turnover  is a ratio showing how many times a company has sold and replaced its inventory during a given period.

7. Number of days' sales in inventory  is the result of dividing the days in the period by the inventory turnover formula.  It shows the number of days inventory is held before being sold.

8. Ratio of fixed assets to long-term liabilities  shows how much of long-term liabilities is represented in fixed assets.

9. Ratio of liabilities to stockholders' equity  is a financial leverage ratio that shows the relationship between liabilities and stockholders' equity.

10. Times interest earned  (TIE) ratio measures the ability of a company to settle its debt obligations based on its current income.  To calculate the TIE number, take the Earnings before interest and taxes (EBIT) and  divide by the total interest expense.

11. Asset turnover  is a ratio of sales over average assets, which shows company's efficiency in using assets to generate sales.

12. Return on total assets  measures the percentage of earnings before interest and taxes over the average total assets.  It can  be obtained by multiplying profit margin with total asset turnover.

13. Return on stockholders' equity  is a financial ratio that is calculated by dividing a company's earnings after taxes (EAT) by the total shareholders' equity, and then multiplying the result by 100.

14. Return on common stockholders' equity  measures the ratio of earnings after taxes less Preferred Stock Dividend over the common shareholders' equity.

15. Earnings per share on common stock  is the ratio of earnings divided by the number of outstanding common stock shares.  It measures the earnings per share that the company has generated for the common stockholders.

16. Price-earnings ratio  is a ratio of the market price of shares over the earnings per share.  It is used to determine if a company's share is overvalued or undervalued.

17. Dividends per share of common stock  is the dividend paid divided by the number of outstanding common stock.

18. Dividend yield is the ratio of the dividend per share over the market price per share.

Cute Camel Woodcraft Company

1. Cute Camel Woodcraft Company

Forecasted Income Statement for Year 2:

                                                              Year 1           Year 2 (Forecasted)

Net Sales                                       $20,000,000           $25,000,000  

Less: operating costs, except

 depreciation & amortization         13,000,000               16,250,000    

Less: depreciation &

 amortization expenses                     800,000                    800,000

Operating Income (EBIT)              $6,200,000               $7,950,000

Less: interest expense                      620,000                   1,192,500

Pre-Tax Income (EBT)                     5,580,000                  6,757,500  

Less: taxes (40%)                            2,232,000                 2,703,000

Earnings after taxes                     $3,348,000               $4,054,500  

Less: preferred stock dividends      300,000                     300,000

Earnings available to

   common shareholders              3,048,000                  3,754,500  

Less: common stock dividends     1,506,600                   1,824,525

Retained Earnings                        $1,541,400                 $1,929,975

2a. With 25,000 shares of preferred stock issue and outstanding, then each preferred share should expect to receive $12 in annual dividends.

2b. With 200,000 shares of common stock issued and outstanding, then the firm's earnings per share (EPS) is expected to change from $15.24 in year 1 to $18.77 in year 2.

2c. Cute camel's before interest, taxes, depreciation & amortization (EBITDA) value changed from $7M in year 1 to $8.7M in year 2.

2d.  It is INCORRECT to say that cute camel's net inflows & outflows of cash at the end of years 1 & 2 are equal to the company's annual contribution to retained earnings, $1,541,400 & $1,929,975 respectively. This is because ALL BUT ONE of the item reported in the income statement involve payments & receipts of cash

Explanation:

a) Data and Calculations:

                                                              Year 1           Year 2 (Forecasted)

Net Sales                                       $20,000,000           $25,000,000  

Less: operating costs, except

 depreciation & amortization         13,000,000               16,250,000    

Less: depreciation &

 amortization expenses                     800,000                    800,000

Operating Income (EBIT)              $6,200,000               $7,950,000

Less: interest expense                      620,000                   1,192,500

Pre-Tax Income (EBT)                     5,580,000                  6,757,500  

Less: taxes (40%)                            2,232,000                 2,703,000

Earnings after taxes                     $3,348,000               $4,054,500  

Less: preferred stock dividends      300,000                     300,000

Earnings available to

   common shareholders              3,048,000                  3,754,500  

Less: common stock dividends     1,506,600                   1,824,525

Retained Earnings                        $1,541,400                 $1,929,975

Preferred Stockholders' Dividends per share

= $300,000/25,000 = $12

EPS (Earnings per share):

= Earnings available to common shareholders  = $15.24 ($3,048,000/200,000)  in year 1   and $18.77 ($3,754,500/200,000) in year 2.

Cute Camel's Earnings before interest, taxes, depreciation & amortization (EBITDA) for year 1 is $7M ($20M - $13M) while the year 2's is $8.75M ($25M - $16.25M).