Give me correct answer with explanation.s Colby Co's December 31, 2022 and 2021 financial statements included the following information:20222021Cash$ 43,000$ 51,500Accounts61,000receivable78,000Inventory81,00085,000Plant assets223,000244,000Total assets444,000421,000Liabilities158,000158,000Shareholders'286,000263,000equityNet sales353,000426,000Cost of goods233,000306,000soldNet Income24,00024,780Colby's 2022 ROE is:

Return on equity (ROE) is the measure of a company's net income divided by its shareholders' equity.…

Answered: Liabilities 158,000 Shareholders'…

Liabilities 158,000 Shareholders' 286,000 263,000 equity Net sales 353,000 426,000 Cost of goods 233,000 306,000 sold Net Income 24,000 24,780 Colby's 2022 ROE is:

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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