22. Next year Jenkins Traders will pay a dividend of $3.00. It expects to increase its dividend by $0.

25 in each of the following three years. If their required rate of return if 14 percent, what is the present value of their dividends over the next four years? $12.50 $13.50 $11.63 $9.72 23. Firms that achieve higher growth rates without seeking external financing: Have a low plowback ratio are highly leveraged have less equity and/or are able to generate high net income leading to a high ROE. None of these 24. Which of the following presents a summary of changes in a firms balance sheet from the beginning of an accounting period to the end of that accounting period? the statement of net worth the statement of cash flows the statement of retained earnings the statement of working capital 25. External financing needed: Jockey Company has total assets worth $4,417,665. At year-end it will have net income of $2,771,342 and pay out 60 percent as dividends. If the firm wants no external financing, what is the growth rate it can support? 25.1% 30.3% 27.3% 32.9% 26. In a process cost system, product costs are summarized: on production cost reports. on job cost sheets. after each unit is produced. when the products are sold. 27. When a company assigns the costs of direct materials, direct labor, and both variable and fixed manufacturing overhead to products, that company is using: product costing variable costing operations costing absorption costing