Brown Fashions Inc.'s December 31, 2018 balance sheet showed total common equity of $4,050,000 and 165,000...
Brown Fashions Inc.'s December 31, 2018 balance sheet showed total common equity of $4,050,000 and 165,000 shares of stock outstanding. During 2019, the firm had $450,000 of net income, and it paid out $100,000 as dividends. What was the book value per share at 12/31/19, assuming no common stock was either issued or retired during 2019? (Round your final answer to two decimal places.) a. $20.00 b. $32.80 c. $26.67 d. $22.93 e. $23.47
Homework Answers
Answer is $26.67
Beginning Book Value = $4,050,000
Net Income = $450,000
Dividends = $100,000
Ending Book Value = Beginning Book Value + Net Income -
Dividends
Ending Book Value = $4,050,000 + $450,000 - $100,000
Ending Book Value = $4,400,000
Book Value per share = Ending Book Value / Number of
Shares
Book Value per share = $4,400,000 / 165,000
Book Value per share = $26.67
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Brown Fashions Inc.'s December 31, 2018 balance sheet showed
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