The financial statements of Heatwave Athletic Wear include the following selected data ($ in millions): Sales, $22,502; Net income, $875; Beginning stockholders' equity, $3,567; Ending stockholders' equity, $4,102. Calculate the return on equity.
What will be an ideal response?
| Net Income | ÷ | Average Stockholders' Equity | = | Return on Equity |
| $875 | ÷ | ($3,567 + 4,102)/2 | = | 22.8% |
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