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Lloyd Inc. has sales of $400,000, a net income of $40,000, and the following balance sheet:
Cash
$ 60,320
Accounts payable
$ 133,400
Receivables
183,280
Notes payable to bank
52,200
Inventories
684,400
Total current liabilities
$ 185,600
Total current assets
$ 928,000
Long-term debt
140,360
Net fixed assets
232,000
Common equity
834,040
Total assets
$ 1,160,000
Total liabilities and equity
Point 1: The new owner thinks that inventories are excessive and can be lowered to the point where the current ratio is equal to the industry average, 2.25x, without affecting sales or net income. If inventories are sold and not replaced (thus reducing the current ratio to 2.25x), if the funds generated are used to reduce common equity (stock can be repurchased at book value), and if no other changes occur, by how much will the ROE change? Do not round intermediate calculations. Round your answer to two decimal places.
ROE will increase :1 by percentage points.
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