Question
LMN Corp reported net income of $200,000 for the year ended December 31st, 2023. Duringtheyear,thecompany'saveragetotalassetswere$1,500,000,anditsaverage total equity was $900,000. Calculate the return on assets (ROA)
LMN Corp reported net income of $200,000 for the year ended December 31st, 2023. During the year, the company's average total assets were $1,500,000, and its average total equity was $900,000. Calculate the return on assets (ROA) and return on equity (ROE).
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Survey of Accounting
Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds, Frances McNair, Bor Yi Tsay
5th edition
1259631125, 978-1259631122
