Question
LMN Corp reported net income of $250,000 for the year ended December 31st, 2023. Duringtheyear,thecompany'saveragetotalassetswere$2,000,000,anditsaverage totalequitywas$1,200,000.Calculatethereturnonassets(ROA)andreturnonequity (ROE).
LMN Corp reported net income of $250,000 for the year ended December 31st, 2023. During the year, the company's average total assets were $2,000,000, and its average total equity was $1,200,000. Calculate the return on assets (ROA) and return on equity (ROE).
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
7th edition
1259722635, 978-1259722639
