Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Intro Minnesota Manufacturing's balance sheet showed total equity of $3,000,000 and 300,000 shares of common stock outstanding on 12/31/2019. During 2020, the firm had $690,000
Intro Minnesota Manufacturing's balance sheet showed total equity of $3,000,000 and 300,000 shares of common stock outstanding on 12/31/2019. During 2020, the firm had $690,000 of net income, and it paid out $150,000 in dividends. Part 1 - Attempt 1/3 for 10 pts. What was the book value per share on 12/31/2020, assuming no new common stock was issued during 2020? Hint: you need to first figure out the amount of total equity on 12/31/2020, and then calculate book value per share on 12/31/2020. Remember that Total equity = Paid-in capital + Retained earnings Therefore Total equity2020 = Total equity2019 + Addition to Paid-in capital + Addition to Retained earnings 11.8 Part 3 | Attempt 1/3 for 10 pts. How much is the Dividends per share (DPS) for 2020? k+ decimals Submit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started