Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PLEASE HELP ASAP SHOW WORK The stockholders' equity accounts of Sheffield Corp. on January 1, 2022, were as follows Preferred Stock (7%, $100 par noncumulative.
PLEASE HELP ASAP
The stockholders' equity accounts of Sheffield Corp. on January 1, 2022, were as follows Preferred Stock (7%, $100 par noncumulative. 4,000 shares authorized) Common Stock ($4 stated value, 240,000 shares authorized) Paid-in Capital in Excess of Par Value-Preferred Stock Paid-in Capital in Excess of Stated Value - Common Stock Retained Earnings Treasury Stock (4.000 common shares) $240,000 800,000 12,000 384,000 550,400 32.000 During 2022, the corporation had the following transactions and events pertaining to its stockholders' equity. 1 20 1 Issued 4.000 shares of common stock for $24,000. Purchased 800 additional shares of common treasury stock at $7 per share. Declared a 7% cash dividend on preferred stock payable November 1 Paid the dividend declared on October 1. Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2022 Determined that net income for the year was $225.000. Paid the dividend declared on December 1 1 1 31 Calculate the payout ratio, earnings per share, and return on common stockholders' equity. (Note:Use the common shares outstanding on January 1 and December 31 to determine the average shares outstanding) (Round answers to 2 decimal places, eg 17.50%) Payout ratio % Earnings per share Return on common stockholders' equity % SHOW WORK
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