Question
The following data relates to ABC Inc.outstanding. ABC Inc. only has common shares Total assets, December 31, year 1 124000 Total assets, December 31, year
The following data relates to ABC Inc.outstanding.
ABC Inc. only has common shares
Total assets, December 31, year 1 124000
Total assets, December 31, year 2 422000
Total liabilities, December 31, year 1 40000
Total liabilities, December 31, year 2 86000
Sales for year 2 1040000
Income for year 2 18000
Calculate the return on equity rate for year 2. Express your answer as a percentage and round your answer to two digits.
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Financial Accounting IFRS
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
2nd edition
