Use Excel Functions Please

1. The dividend payout ratio is the percentage of the firms residual cash flow paid to the shareholders in the form of a dividend. The annual dividend is usually divided into quarterly chunks. Simons Suitcases, Inc., has a payout ratio of 60 percent. Calculate Simons annual and quarterly dividend if its residual cash flow is $4.00 per share.

2. McManns Marble Shoppes has stock currently trading at $8.00 per share. The firm has announced a $0.50 quarterly dividend.

a. What is McManns expected price per share on the ex-dividend date?

b. Ruth purchases 500 shares of McMann stock on the day prior to the ex-dividend date. Jerry purchases 500 shares of McMann stock on the ex-dividend date. Given your answer in part (a), show how these investments are equivalent.

3. The following is the abbreviated balance sheet for Bryant Mining.

Cash	$ 6,000		Debt	$ 0
Other Assets	$14,000		Equity	$20,000
Shares outstanding = 2,000

Bryant has just paid a cash dividend of $1.00 per share. Show what will likely happen to the firms balance sheet and share price after the dividend payment.

Cash	__________		Debt	__________
Other Assets	__________		Equity	__________