At the beginning of the year, the net assets of Shannon Co. were $492,600. The only transactions
Question:
At the beginning of the year, the net assets of Shannon Co. were $492,600. The only transactions affecting stockholders’ equity during the year were net income of $70,200 and dividends of $15,400.
Required:
Calculate Shannon Co.’s return on equity (ROE) for the year. Round your percentage answer to one decimal place.
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