Steele Inc. Consolidated Statements of Income (in thousands except per share amounts) 2023 2022 2021 Net sales $7,245,088 $6,944,296 $6,149,218 Cost of goods sold (5,286,253) (4,953,556) (4,355,675) Gross margin $1,958,835 $1,990,740 $1,793,543 General and administrative expenses (1,259,896) (1,202,042) (1,080,843) Special and nonrecurring items 2,617 0 0 Operating income $701,556 $788,698 $712,700 Interest expense (63,685) (62,398) (63,927) Other income 7,308 10,080 11,529 Gain on sale of investments 0 9,117 0 Income before income taxes $645,179 $745,497 $660,302 Provision for income taxes 254,000 290,000 257,000 Net income $391,179 $455,497 $403,302 Steele Inc. Consolidated Balance Sheets (in thousands) ASSETS Dec. 31, 2023 Dec. 31, 2022 Current assets: Cash and equivalents $320,558 $41,235 Accounts receivable 1,056,911 837,377 Inventories 733,700 803,707 Other 109,456 101,811 Total current assets $2,220,625 $1,784,130 Property and equipment, net 1,666,588 1,813,948 Other assets 247,892 248,372 Total assets $4,135,105 $3,846,450 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $250,363 $309,092 Accrued expenses 347,892 274,220 Other current liabilities 15,700 0 Income taxes 93,489 137,466 Total current liabilities $707,444 $720,778 Long-term debt $650,000 $541,639 Deferred income taxes 275,101 274,844 Other long-term liabilities 61,267 41,572 Total liabilities $1,693,812 $1,578,833 Stockholders' equity: Preferred stock $100,000 $100,000 Common stock 89,727 89,727 Additional paid-in-capital-common stock 128,906 127,776 Retained earnings 2,397,112 2,136,794 $2,715,745 $2,454,297 Less: Treasury stock, at cost (274,452) (186,680) Total stockholders' equity $2,441,293 $2,267,617 Total liabilities and stockholders' equity $4,135,105 $3,846,450 Use the information provided above and below to respond to the following requirements. Year ended December 31 Item 2023 2022 Average number of common shares outstanding (thousands) 362,902 364,398 Preferred dividends (thousands) $24,000 $24,000 Dividends per common share $0.36 $1.54 Common Dividends (thousands) 130,861.00 561,172.30 Common stock repurchases 0 0 Market price per share: High $83.25 $79.10 Low 63.25 59.00 Close 78.42 66.36 At January 1, 2022, total stockholders' equity was $2,083,122 and there was no preferred stock. Required: 1. Compute the earnings per share, return on common equity, dividend yield ratio, and dividend payout ratio (in percentage terms, rounded to two decimal places except for EPS, which should be rounded to nearest cent) for 2022 and 2023. 2023 2022 Earnings per share $fill in the blank 1 $fill in the blank 2 Return on common equity fill in the blank 3 % fill in the blank 4 % Dividend yield ratio fill in the blank 5 % fill in the blank 6 % Dividend payout ratio fill in the blank 7 % fill in the blank 8 %
Steele Inc. Consolidated Statements of Income (in thousands except per share amounts) 2023 2022 2021 Net sales $7,245,088 $6,944,296 $6,149,218 Cost of goods sold (5,286,253) (4,953,556) (4,355,675) Gross margin $1,958,835 $1,990,740 $1,793,543 General and administrative expenses (1,259,896) (1,202,042) (1,080,843) Special and nonrecurring items 2,617 0 0 Operating income $701,556 $788,698 $712,700 Interest expense (63,685) (62,398) (63,927) Other income 7,308 10,080 11,529 Gain on sale of investments 0 9,117 0 Income before income taxes $645,179 $745,497 $660,302 Provision for income taxes 254,000 290,000 257,000 Net income $391,179 $455,497 $403,302 Steele Inc. Consolidated Balance Sheets (in thousands) ASSETS Dec. 31, 2023 Dec. 31, 2022 Current assets: Cash and equivalents $320,558 $41,235 Accounts receivable 1,056,911 837,377 Inventories 733,700 803,707 Other 109,456 101,811 Total current assets $2,220,625 $1,784,130 Property and equipment, net 1,666,588 1,813,948 Other assets 247,892 248,372 Total assets $4,135,105 $3,846,450 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $250,363 $309,092 Accrued expenses 347,892 274,220 Other current liabilities 15,700 0 Income taxes 93,489 137,466 Total current liabilities $707,444 $720,778 Long-term debt $650,000 $541,639 Deferred income taxes 275,101 274,844 Other long-term liabilities 61,267 41,572 Total liabilities $1,693,812 $1,578,833 Stockholders' equity: Preferred stock $100,000 $100,000 Common stock 89,727 89,727 Additional paid-in-capital-common stock 128,906 127,776 Retained earnings 2,397,112 2,136,794 $2,715,745 $2,454,297 Less: Treasury stock, at cost (274,452) (186,680) Total stockholders' equity $2,441,293 $2,267,617 Total liabilities and stockholders' equity $4,135,105 $3,846,450 Use the information provided above and below to respond to the following requirements. Year ended December 31 Item 2023 2022 Average number of common shares outstanding (thousands) 362,902 364,398 Preferred dividends (thousands) $24,000 $24,000 Dividends per common share $0.36 $1.54 Common Dividends (thousands) 130,861.00 561,172.30 Common stock repurchases 0 0 Market price per share: High $83.25 $79.10 Low 63.25 59.00 Close 78.42 66.36 At January 1, 2022, total stockholders' equity was $2,083,122 and there was no preferred stock. Required: 1. Compute the earnings per share, return on common equity, dividend yield ratio, and dividend payout ratio (in percentage terms, rounded to two decimal places except for EPS, which should be rounded to nearest cent) for 2022 and 2023. 2023 2022 Earnings per share $fill in the blank 1 $fill in the blank 2 Return on common equity fill in the blank 3 % fill in the blank 4 % Dividend yield ratio fill in the blank 5 % fill in the blank 6 % Dividend payout ratio fill in the blank 7 % fill in the blank 8 %
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
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 15E
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Question
Steele Inc. | |||||
Consolidated Statements of Income | |||||
(in thousands except per share amounts) | |||||
2023 | 2022 | 2021 | |||
Net sales | $7,245,088 | $6,944,296 | $6,149,218 | ||
Cost of goods sold | (5,286,253) | (4,953,556) | (4,355,675) | ||
Gross margin | $1,958,835 | $1,990,740 | $1,793,543 | ||
General and administrative expenses | (1,259,896) | (1,202,042) | (1,080,843) | ||
Special and nonrecurring items | 2,617 | 0 | 0 | ||
Operating income | $701,556 | $788,698 | $712,700 | ||
Interest expense | (63,685) | (62,398) | (63,927) | ||
Other income | 7,308 | 10,080 | 11,529 | ||
Gain on sale of investments | 0 | 9,117 | 0 | ||
Income before income taxes | $645,179 | $745,497 | $660,302 | ||
Provision for income taxes | 254,000 | 290,000 | 257,000 | ||
Net income | $391,179 | $455,497 | $403,302 |
Steele Inc. | ||||||
Consolidated Balance Sheets | ||||||
(in thousands) | ||||||
ASSETS | Dec. 31, 2023 | Dec. 31, 2022 | ||||
Current assets: | ||||||
Cash and equivalents | $320,558 | $41,235 | ||||
Accounts receivable | 1,056,911 | 837,377 | ||||
Inventories | 733,700 | 803,707 | ||||
Other | 109,456 | 101,811 | ||||
Total current assets | $2,220,625 | $1,784,130 | ||||
Property and equipment, net | 1,666,588 | 1,813,948 | ||||
Other assets | 247,892 | 248,372 | ||||
Total assets | $4,135,105 | $3,846,450 | ||||
LIABILITIES AND |
||||||
Current liabilities | ||||||
Accounts payable | $250,363 | $309,092 | ||||
Accrued expenses | 347,892 | 274,220 | ||||
Other current liabilities | 15,700 | 0 | ||||
Income taxes | 93,489 | 137,466 | ||||
Total current liabilities | $707,444 | $720,778 | ||||
Long-term debt | $650,000 | $541,639 | ||||
275,101 | 274,844 | |||||
Other long-term liabilities | 61,267 | 41,572 | ||||
Total liabilities | $1,693,812 | $1,578,833 | ||||
Stockholders' equity: | ||||||
$100,000 | $100,000 | |||||
Common stock | 89,727 | 89,727 | ||||
Additional paid-in-capital-common stock | 128,906 | 127,776 | ||||
2,397,112 | 2,136,794 | |||||
$2,715,745 | $2,454,297 | |||||
Less: |
(274,452) | (186,680) | ||||
Total stockholders' equity | $2,441,293 | $2,267,617 | ||||
Total liabilities and stockholders' equity | $4,135,105 | $3,846,450 |
Use the information provided above and below to respond to the following requirements.
Year ended December 31 | ||
Item | 2023 | 2022 |
Average number of common shares outstanding (thousands) | 362,902 | 364,398 |
Preferred dividends (thousands) | $24,000 | $24,000 |
Dividends per common share | $0.36 | $1.54 |
Common Dividends (thousands) | 130,861.00 | 561,172.30 |
Common stock repurchases | 0 | 0 |
Market price per share: | ||
High | $83.25 | $79.10 |
Low | 63.25 | 59.00 |
Close | 78.42 | 66.36 |
At January 1, 2022, total stockholders' equity was $2,083,122 and there was no preferred stock. |
Required:
1. Compute the earnings per share, return on common equity, dividend yield ratio, and dividend payout ratio (in percentage terms, rounded to two decimal places except for EPS, which should be rounded to nearest cent) for 2022 and 2023.
2023 | 2022 | |||
Earnings per share | $fill in the blank 1 | $fill in the blank 2 | ||
Return on common equity | fill in the blank 3 | % | fill in the blank 4 | % |
Dividend yield ratio | fill in the blank 5 | % | fill in the blank 6 | % |
Dividend payout ratio | fill in the blank 7 | % | fill in the blank 8 | % |
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