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Cuny, Inc. reported the following common size date for the year ended December 31, 2022: (Income Statement) Sales Cost of Goods Sold Operating Expenses Interest Expenses Income Tax Net Income (Balance Sheet) Cash Accounts Receivable Inventory Fixed Assets Total Assets (%) 4.8 Accounts Payable 14.9 Accrued Liabilities 49.4 Long-term Debt 30.9 Common Equity 100.0 Total Liabilities and Equity For 2021, Cuny, Inc. reported sales of $183,100,000 and for 2022, sales of $215,600,000. (%) 100.0 58.2 30.2 0.7 5.7 5.2 Use this information to answer question 3 and 4. (%) 15.0 13.8 23.2 48.0 100.0 At the end of 2021, Cuny, Inc.'s total assets were $75,900,000 and common equity was $37,800,000. At the end of 2022, total assets were $95,300,000.

Cuny, Inc. reported the following common size date for the year ended December 31, 2022: (Income Statement) Sales Cost of Goods Sold Operating Expenses Interest Expenses Income Tax Net Income (Balance Sheet) Cash Accounts Receivable Inventory Fixed Assets Total Assets (%) 4.8 Accounts Payable 14.9 Accrued Liabilities 49.4 Long-term Debt 30.9 Common Equity 100.0 Total Liabilities and Equity For 2021, Cuny, Inc. reported sales of $183,100,000 and for 2022, sales of $215,600,000. (%) 100.0 58.2 30.2 0.7 5.7 5.2 Use this information to answer question 3 and 4. (%) 15.0 13.8 23.2 48.0 100.0 At the end of 2021, Cuny, Inc.'s total assets were $75,900,000 and common equity was $37,800,000. At the end of 2022, total assets were $95,300,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need a detailed explanation of how you got the answer NOT just the answer please. Please see attached image for question. Thank you. 
Cuny, Inc. reported the following common size date for the year ended December 31, 2022: (Income Statement) Sales Cost of Goods Sold Operating Expenses Interest Expenses Income Tax Net Income (Balance Sheet) Cash Accounts Receivable Inventory Fixed Assets Total Assets (%) 4.8 Accounts Payable 14.9 Accrued Liabilities 49.4 Long-term Debt 30.9 Common Equity 100.0 Total Liabilities and Equity For 2021, Cuny, Inc. reported sales of $183,100,000 and for 2022, sales of $215,600,000. (%) 100.0 58.2 30.2 0.7 5.7 5.2 Use this information to answer question 3 and 4. (%) 15.0 13.8 23.2 48.0 100.0 At the end of 2021, Cuny, Inc.'s total assets were $75,900,000 and common equity was $37,800,000. At the end of 2022, total assets were $95,300,000.
Transcribed Image Text:Cuny, Inc. reported the following common size date for the year ended December 31, 2022: (Income Statement) Sales Cost of Goods Sold Operating Expenses Interest Expenses Income Tax Net Income (Balance Sheet) Cash Accounts Receivable Inventory Fixed Assets Total Assets (%) 4.8 Accounts Payable 14.9 Accrued Liabilities 49.4 Long-term Debt 30.9 Common Equity 100.0 Total Liabilities and Equity For 2021, Cuny, Inc. reported sales of $183,100,000 and for 2022, sales of $215,600,000. (%) 100.0 58.2 30.2 0.7 5.7 5.2 Use this information to answer question 3 and 4. (%) 15.0 13.8 23.2 48.0 100.0 At the end of 2021, Cuny, Inc.'s total assets were $75,900,000 and common equity was $37,800,000. At the end of 2022, total assets were $95,300,000.
4. Calculate Cuny, Inc.'s return on equity (ROE, as of December 31, 2022) using average equity. Note: average equity = (equity at beginning of the year + equity at end of the year)/2. A. 25.2% B. 26.8% C. 27.4% D. Can't tell. More information is needed. E. None of above.
Transcribed Image Text:4. Calculate Cuny, Inc.'s return on equity (ROE, as of December 31, 2022) using average equity. Note: average equity = (equity at beginning of the year + equity at end of the year)/2. A. 25.2% B. 26.8% C. 27.4% D. Can't tell. More information is needed. E. None of above.
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