At the beginning of the year, the net assets of Carby Co. were $346,800. The only transactions

Question:

At the beginning of the year, the net assets of Carby Co. were $346,800. The only transactions affecting owners’ equity during the year were net income of $42,300 and dividends of $12,000.

Required:
Calculate Carby Co.’s return on equity (ROE) for the year. Round your percentage answer to one decimal place.