12. During 2022, Papa Palace had sales of $95,268, costs of $51,300, depreciation of $9,800, paid $11,330 in interest and dividends paid of $3,040. The tax rate is 22%. Papa Palace had a total of retained earning balance of 38,000 at the end of 2022. What was the retained earnings balance at the beginning of 2022 (rounded to the nearest dollar)? C3 $23,226 13. Linda Lions had net income of $66,600, inventory of $46,800, total assets turnover of .7, a debt/equity ratio of .3 and sales of $444,000. The return on equity is what? C4 13.65%

12. During 2022, Papa Palace had sales of $95,268, costs of $51,300, depreciation of $9,800, paid $11,330 in interest and dividends paid of $3,040. The tax rate is 22%. Papa Palace had a total of retained eaming balance of 38,000 at the end of 2022. What was the retained earnings balance at the beginning of 2022 (rounded to the nearest dollar)? C3 $23,226 13. Linda Lions had net income of $66,600, inventory of $46,800, total assets furnover of .7, a dobi/oquity ratio of 3 and sales of $444,000. The return on equity is what? C4 13.65%