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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