Homework Answers
Net Sales Revenue = $1,258,000
Less: Cost of Goods sold = $772,000
Less: Other expenses = $298,000
Net income = $188,000
Average Equity Balance = (480,000+800,000)/2 = $640,000
Return on Equity = Net Income/Average Equity Funds
= 188,000/640,000
= 29.375%
i.e. 29%
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