Homework Answers
Answer to part c is correctly calculated by you.
Answer to part (d):
Payout Ratio = Dividend per share / Earning Per share = $0.50 / $5.22 X 100 = 9.57% (Refer Note below)
Note:
Dividend per share declared on Jan 15 and paid on Feb 15 is assumed to be for the previous year and so dividend declared in December is only considered to be of current year and hence taken for calculation of payout ratio.
Earnings per share = Net Income for the Year / Outstanding number of shares = $3,85,000 / 73,700 shares (67,000 + 6,700(10% of 67,000 issued in May 15) = $5.22 per share.
Return on common stock holders equity = Net Income for the Year / Common Stock = $3,85,000 / $ 7,37,000 (73,700 shares (as above) X $10 per share par value) = 52.24%
Hope this helped!! If it did, hit the Thumps up.
Good luck and Happy Studying!!
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