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On January 1, 2022, Sheffield Corporation purchased 1,300 shares of treasury stock. Other information regarding Sheffield Corporation is provided as follows. Net income Dividends on preferred stock Dividends on common stock Common stockholders' equity beginning of year Common stockholders' equity end of year 2021 Return on common stockholders' equity $195,000 34,000 18,000 602,000 781,000 2022 2021 $210,000 34,000 26,000 (a) Compute return on common stockholders' equity for each year. (Round answers to 1 decimal place, e.g. 10.5%.) 781,000 851,000 % 2022 %

On January 1, 2022, Sheffield Corporation purchased 1,300 shares of treasury stock. Other information regarding Sheffield Corporation is provided as follows. Net income Dividends on preferred stock Dividends on common stock Common stockholders' equity beginning of year Common stockholders' equity end of year 2021 Return on common stockholders' equity $195,000 34,000 18,000 602,000 781,000 2022 2021 $210,000 34,000 26,000 (a) Compute return on common stockholders' equity for each year. (Round answers to 1 decimal place, e.g. 10.5%.) 781,000 851,000 % 2022 %

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2022, Sheffield Corporation purchased 1,300 shares of treasury stock. Other information regarding Sheffield Corporation is provided as follows. Net income Dividends on preferred stock Dividends on common stock Common stockholders' equity beginning of year Common stockholders' equity end of year 2021 Return on common stockholders' equity $195,000 34,000 18,000 602,000 781,000 2022 2021 $210,000 34,000 26,000 781,000 (a) Compute return on common stockholders' equity for each year. (Round answers to 1 decimal place, e.g. 10.5%.) 851,000 % 2022 %
Transcribed Image Text:On January 1, 2022, Sheffield Corporation purchased 1,300 shares of treasury stock. Other information regarding Sheffield Corporation is provided as follows. Net income Dividends on preferred stock Dividends on common stock Common stockholders' equity beginning of year Common stockholders' equity end of year 2021 Return on common stockholders' equity $195,000 34,000 18,000 602,000 781,000 2022 2021 $210,000 34,000 26,000 781,000 (a) Compute return on common stockholders' equity for each year. (Round answers to 1 decimal place, e.g. 10.5%.) 851,000 % 2022 %
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