The condensed balance sheet and income statement for Marjoram Company are presented below.MARJORAM COMPANYBalance SheetAt December 31, 2021Cash$27,000? Notes receivable (due August 15, 2022) 45,000? Accounts receivable (net) 51,600? Merchandise inventory 75,400? Property, plant, and equipment (net) 330,000? Intangible assets 15,600? Total assets$544,600? Current liabilities$121,000? Bonds payable(10%) (long-term) 125,000? Common stock 64,000? Retained earnings 234,600? Total liabilities and equity$544,600? MARJORAM COMPANYIncome StatementFor the Year ended December 31, 2021Sales$944,000? Cost of goods sold 502,400? Gross profit$441,600? Operating expenses 185,400? Operating income$256,200? Interest
expense 12,500? Income before income tax$243,700? Income tax expense 73,110? Net income$170,590? Required:Compute the return on shareholders' equity ratio for Marjoram Company. (Round your percentage answer to nearest whole percent.)Return on shareholders' equity%
What will be an ideal response?
| Return on shareholders' equity | 57% |
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