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River way Enterprises reported a net income of $28.5 million. Beginning equity was $68.20 million, and ending equity was $113.50 million. No dividends were paid, and the change in equity came only from net income. What is the return on equity (ROE)?

River way Enterprises reported a net income of $28.5 million. Beginning equity was $68.20 million, and ending equity was $113.50 million. No dividends were paid, and the change in equity came only from net income. What is the return on equity (ROE)?

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 53E: Rebert Inc. showed the following balances for last year: Reberts net income for last year was...
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River way Enterprises reported a net income of $28.5 million. Beginning equity was $68.20 million, and ending equity was $113.50 million. No dividends were paid, and the change in equity came only from net income. What is the return on equity (ROE)?
Transcribed Image Text:River way Enterprises reported a net income of $28.5 million. Beginning equity was $68.20 million, and ending equity was $113.50 million. No dividends were paid, and the change in equity came only from net income. What is the return on equity (ROE)?
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