Please provide the answer to this Financial accounting question using the right approach. Phoenix Manufacturing had a net income of $400,000 and paid dividendsto common stockholders of $50,000 in 2024. The weighted average numberof shares outstanding in 2024 was 80,000 shares. Phoenix Manufacturing'scommon stock is selling for $65 per share on the New York Stock Exchange.Phoenix Manufacturing's payout ratio for 2024 is

Step 1: Definition of Payout RatioThe Payout Ratio is a financial metric that shows the proportion…

Answered: Phoenix Manufacturing had a net income…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 4CP

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