Net sales (all on account) Cost of goods sold Gross profit Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 Operating expenses Other expense (interest) Income tax expense Net income Cash Government notes Accounts receivable (net) Merchandise inventory Supplies and prepayments Land Building (net) Office equipment (net) Total assets Current liabilities (accounts payable) Bonds payable Total liabilities Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 Common stock ($10 par, 180,000 shares) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 1% 20-2 $2,590,000 1,870,000 $720,000 320,000 24,200 172,000 $203,800 20-2 $602,800 245,000 910,000 981,000 140,000 108,000 391,000 16,000 $3,393,800 $985,000 220,000 $1,205,000 $1,800,000 388,800 $2,188,800 $3,393,800 20-1 $2,160,000 1,620,000 $540,000 220,000 24,200 104,000 $191,800 20-1 $243,000 245,000 795,000 913,000 47,000 108,000 391,000 16,000 $2,758,000 $533,000 240,000 $773,000 $1,800,000 185,000 $1,985,000 $2,758,000 Compute ROE for 20-2 using its three basic components (round all calculations to two decimal places).

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