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Nicco Corporation had the following accounts at January 1,2024: Common shares, unlimited...

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Accounting

Nicco Corporation had the following accounts at January 1,2024:
Common shares, unlimited number of shares authorized,
18,000 shares issued
$180,000
Preferred shares, $4 cumulative, unlimited number of shares authorized,
1,000 shares issued
50,000
Retained earnings
$223,000
The company has profit of $79,000 in 2024 and paid $85,000 in dividends.
Instructions:
a) Calculate the return on equity at December 31,2024(round to one decimal place).
b) In 2023 the return on equity was 20%. What does the ratio in 2024 tell you about the corporation?
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