Flounder Inc. has the following selected financial data: Net income Total assets Preferred shares, 6%, cumulative Common shares Retained earnings Accumulated other comprehensive income Total shareholders' equity Cash dividends paid in the year Market price of common shares Weighted average number of common shares There were no preferred dividends in arrears 2023 $713,000 5,133,000 617,000 355,000 2,798,000 148,000 3,918,000 133,000 $96.27 87,000 2022 $665,000 4,538,000 617.000 355.000 2.218,000 133,700 3,323,700 176,000 $63.37 87,000
Flounder Inc. has the following selected financial data: Net income Total assets Preferred shares, 6%, cumulative Common shares Retained earnings Accumulated other comprehensive income Total shareholders' equity Cash dividends paid in the year Market price of common shares Weighted average number of common shares There were no preferred dividends in arrears 2023 $713,000 5,133,000 617,000 355,000 2,798,000 148,000 3,918,000 133,000 $96.27 87,000 2022 $665,000 4,538,000 617.000 355.000 2.218,000 133,700 3,323,700 176,000 $63.37 87,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Transcribed Image Text:Flounder Inc. has the following selected financial data:
Net income
Total assets
Preferred shares, 6%, cumulative
Common shares
Retained earnings
Accumulated other comprehensive income
Total shareholders' equity
Cash dividends paid in the year
Market price of common shares
Weighted average number of common shares
There were no preferred dividends in arrears.
(a)
(3)
(4)
(5)
Book value
Rate of return on total assets
2023
eTextbook and Medi
$713,000
5,133,000
617,000
355,000
2,798,000
148,000
3,918,000
133,000
$96.27
87,000
Calculate the following ratios for 2023: (Round your answers to 2 decimal places, eg. 52.75 or 52.75%)
(1)
Rate of return on common shareholders' equity
(2)
Payout ratio
Price earnings ratio
2022
$665,000
4,538,000
617,000
355,000
2.218,000
133,700
3,323,700
176,000
$63.37
87,000
times
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