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Compute the return on common stockholders’ equity
Exercise 13-9 Selected Financial Ratios for Common Stockholders [LO2]
Selected financial data from the September 30 year-end statements of Kosanka Company are given below: Total assets $ 5,500,000 Long-term debt (11% interest rate) $ 620,000 Preferred stock, $100 par, 5% $ 660,000 Total stockholders’ equity $ 2,900,000 Interest paid on long-term debt $ 68,200 Net income $ 390,000 Total assets at the beginning of the year were $5,300,000; total stockholders’ equity was $2,700,000. There has been no change in preferred stock during the year. The company’s tax rate is 40%. Compute the return on common stockholders’ equity |
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