The balance sheet of Food Products, Inc. showed owners' equity of $200,000 in 2001 and $320,000 in 2002. Compute the percentage of increase in owners' equity. (Round answer to one decimal place.)

Owners' Equity

The residual interest in the assets of an entity after deducting liabilities, essentially representing the owners' claim against the company's assets.

Percentage Increase

The ratio, expressed as a percentage, by which a quantity grows over a specified period.

Balance Sheet

A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.