On January 1, 2020, Crane Corporation purchased 1,500 shares of treasury stock. Other information regarding Crane...
On January 1, 2020, Crane Corporation purchased 1,500 shares of
treasury stock. Other information regarding Crane Corporation is
provided as follows.
|
2019 |
2020 |
|||
| Net income | $195,000 | $210,000 | ||
| Dividends on preferred stock | $32,000 | $32,000 | ||
| Dividends on common stock | $21,000 | $26,000 | ||
| Common stockholders’ equity beginning of year | $597,000 | $699,000 | ||
| Common stockholders’ equity end of year | $699,000 | $780,000 |
Compute return on common stockholders’ equity for each year.
(Round answer to 1 decimal place, e.g.
10.5.)
|
2019 |
2020 |
|||||
| Return on common stockholders’ equity | % | % | ||||
Homework Answers
Return on common stockholder's equity = Net income / Average common stockholder's equity * 100
2019 = $195,000 / [($597,000 + $699,000)/2] * 100
= 30.1%
2020 = $210,000 / [($699,000 + $780,000)/2] * 100
= 28.4%
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