Business, 21.03.2020 04:26 amandaaarmentaa

Sheffield Company manufactures backpacks. During 2022, Sheffield issued bonds at 12% interest and used the cash proceeds to purchase treasury stock. The following financial information is available for Sheffield Company for the years 2022 and 2021.
2022 2021
Sales revenue $19,350,000 $19,350,000
Net income 4,816,000 5,375,000
Interest expense 625,000 175,000
Tax expense 1,440,500 1,612,500
Dividends paid on common stock 1,112,500 1,282,500
Dividends paid on preferred stock 375,000 375,000
Total assets (year-end) 31,175,000 36,281,250
Average total assets 19,609,375 22,203,750
Total liabilities (year-end) 7,500,000 3,750,000
Avg. total common stockholders' equity 11,750,000 17,625,000

Required:
Use the information above to calculate the following ratios for both years: (Round answers to 1 decimal place, eg, 12.5% or 12.5.) 2017 2016
1) Return on assets
2) Return on common stockholders' equity
3) Payout ratio
4) Debt to assets ratio
5) Times interest earned

Answers: 3

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Sheffield Company manufactures backpacks. During 2022, Sheffield issued bonds at 12% interest and us...