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ABC reports net income and sales for the year of $65,000 and $1,300,000, respectively. Return on equity is 10%. What is ABC's average Stockholders' Equity for the year?

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Answer:

ABC's average Stockholders' Equity for the year is $650,000

Explanation:

Return on Equity = Net income / Average Equity

Hence, average equity = 65,000 / 10%

= $650,000

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