Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information pertains to Cheyenne Corp. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were

image text in transcribed

The following information pertains to Cheyenne Corp. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $45000 Accounts receivable (net) 29000 Inventory 30000 Property, plant and equipment 245000 Total Assets $349000 Liabilities and Stockholders' Equity Current liabilities $63000 Long-term liabilities 80000 Stockholders' equity-common 206000 Total Liabilities and Stockholders' Equity $349000 Income Statement Sales revenue $83000 Cost of goods sold 47000 Gross profit 36000 Operating expenses 12722 Net income $23278 Number of shares of common stock 11000 Market price of common stock $29 Dividends per share on common stock 6.2 Cash provided by operations $35000 What is the return on common stockholders' equity for this company? O 11.3% O 3.0% O 21.3% O 51.3%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Beginners

Authors: Neel Gaines

1st Edition

1801120897, 978-1801120890

More Books

Students also viewed these Accounting questions

Question

Discuss the impact of religion on individual behavior.

Answered: 1 week ago