Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. mei-kwei internationals common stock sold for $4.5

Mei-kwei Internationals common stock sold for $4.55 per share at the end of this year....

90.2K

Verified Solution

Question

Accounting

Mei-kwei Internationals common stock sold for $4.55 per share at the end of this year. The company paid preferred stock dividends totalling $4,400 and a common stock dividend of $0.88 per share this year. It also provided the following data excerpts from this years financial statements: Ending Balance Beginning Balance Cash $ 45,500 $ 39,200 Accounts receivable $ 82,000 $ 61,200 Inventory $ 67,600 $ 82,000 Current assets $ 195,100 $ 182,400 Total assets $ 648,000 $ 689,200 Current liabilities $ 72,500 $ 73,500 Total liabilities $ 188,000 $ 169,200 Preferred stock $ 47,000 $ 47,000 Common stock, $1 par value $ 98,000 $ 98,000 Total stockholders equity $ 460,000 $ 520,000 Total liabilities and stockholders equity $ 648,000 $ 689,200 This Year Sales (all on account) $ 900,000 Cost of goods sold $ 522,000 Gross margin $ 378,000 Net operating income $ 228,000 Interest expense $ 12,000 Net income $ 97,000 Required: What is the return on common stockholders equity? (Round your answer to 2 decim

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students