ABC reports net income and sales for the year of $65,000 and $1,300,000, respectively. Return on equity is 10%. What is ABC's average Stockholders' Equity for the year?

1 answer
Question:

ABC reports net income and sales for the year of $65,000 and $1,300,000, respectively. Return on equity is 10%. What is ABC's average Stockholders' Equity for the year?

Answers

Answer:ABC's average Stockholders' Equity for the year is $650,000Explanation:Return on Equity = Net income / Average Equity Hence, average equity = 65,000 / 10% = $650,000

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