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The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Somerville Company Income Statement For the Year Ended December
The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: Somerville Company Income Statement For the Year Ended December X Amount Percent Net sales $ Less: Cost of goods sold Gross margin $ Less: Operating expenses Operating income $ Less: Interest expense Income before taxes $ Less: Income taxes Net income $ Includes both state and federal taxes. Somerville Company Statement of Retained Earnings For the Year Ended December X Balance, beginning of period $ Net income Total $ Preferred dividends Dividends to common stockholders Balance, end of period $ Somerville Company Comparative Balance Sheets At December X and X XX Assets Current assets: Cash $ $ Marketable securities Accounts receivable net Inventories Other Total current assets $ $ Property and equipment: Land $ $ Building and equipment net Total longterm assets $ $ Total assets $ $ Liabilities and Stockholders' Equity Current liabilities: Notes payable, short term $ $ Accounts payable Current maturity of longterm debt Accrued payables Total current liabilities $ $ Longterm liabilities: Bonds payable, Total liabilities $ $ Stockholders' equity: Preferred stock, $ par, $ $ Common stock, $ par Additional paidin capital Retained earnings Total stockholders' equity $ $ Total liabilities and stockholders' equity $ $ For common stock only. Required: Calculate the average common stockholders' equity. $fill in the blank Calculate the return on stockholders' equity. Round the answer to two decimal places. fill in the blank
The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows:
Somerville Company
Income Statement
For the Year Ended December X
Amount Percent
Net sales $
Less: Cost of goods sold
Gross margin $
Less: Operating expenses
Operating income $
Less: Interest expense
Income before taxes $
Less: Income taxes
Net income $
Includes both state and federal taxes.
Somerville Company
Statement of Retained Earnings
For the Year Ended December X
Balance, beginning of period $
Net income
Total $
Preferred dividends
Dividends to common stockholders
Balance, end of period $
Somerville Company
Comparative Balance Sheets
At December X and X
XX
Assets
Current assets:
Cash $ $
Marketable securities
Accounts receivable net
Inventories
Other
Total current assets $ $
Property and equipment:
Land $ $
Building and equipment net
Total longterm assets $ $
Total assets $ $
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable, short term $ $
Accounts payable
Current maturity of longterm debt
Accrued payables
Total current liabilities $ $
Longterm liabilities:
Bonds payable,
Total liabilities $ $
Stockholders' equity:
Preferred stock, $ par, $ $
Common stock, $ par
Additional paidin capital
Retained earnings
Total stockholders' equity $ $
Total liabilities and stockholders' equity $ $
For common stock only.
Required:
Calculate the average common stockholders' equity.
$fill in the blank
Calculate the return on stockholders' equity. Round the answer to two decimal places.
fill in the blank
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