I need answer of this question solution general accounting Chen Corporation has owners' equity of $425,000 andnet income of $95,000. It has a payout ratio of 30% anda return on assets ratio of 20%. How much did Chenpay in cash dividends, and what was its average assets?

Step 1: Cash dividends.= net income x payout ratio= 95,000 x 0.30= 28,500 Step 2: Average assets.=…

Answered: Chen Corporation has owners' equity of…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 7GI

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Chen Corporation has owners' equity of $425,000 and net income of $95,000. It has a payout ratio of 30% and a return on assets ratio of 20%. How much did Chen pay in cash dividends, and what was its average assets?