Last year, Lakeshore Innovations, Inc. had an ROA of 10 percent, a profit margin of 12.5 percent, and sales of $40 million. Calculate Lakeshore Innovations' total assets.

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter12: Balanced Scorecard And Other Performance Measures
Section: Chapter Questions
Problem 6EB: During the current year, Plainfield Manufacturing earned income of $845,000 from total sales of...
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Can you demonstrate the proper approach for solving this financial accounting question with valid techniques?

Last year, Lakeshore Innovations, Inc. had
an ROA of 10 percent, a profit margin of
12.5 percent, and sales of $40 million.
Calculate Lakeshore Innovations' total
assets.
Transcribed Image Text:Last year, Lakeshore Innovations, Inc. had an ROA of 10 percent, a profit margin of 12.5 percent, and sales of $40 million. Calculate Lakeshore Innovations' total assets.
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