I need answer of this question solution general accounting Guo Company has owners' equity of $358,600and net income of $87,024. It has a payout ratioof 24% and a return on assets ratio of 16%. Howmuch did Guo pay in cash dividends, and whatwas its average assets?

Step 1: Given Owner's equity = $358,600Net income = $84,024Payout ratio = 24%Return on assets ratio…

Answered: Guo Company 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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Guo Company has owners' equity of $358,600 and net income of $87,024. It has a payout ratio of 24% and a return on assets ratio of 16%. How much did Guo pay in cash dividends, and what was its average assets?