Give true answer this financial accounting question The following data pertain to Lumina Corp. for the year ended December 31,2023:ItemNet salesNet incomeTotal assets, January 1, 2023Amount$750,000$200,000$2,500,000Total assets, December 31, 2023$3,500,000What was Lumina Corp.'s rate of return on assets (ROA) for 2023?a. 5.71%b. 6.67%c.20%d. 26.67%

Step 1: Define Rate of Return on Assets (ROA)Rate of Return on Assets (ROA) is a financial metric…

Answered: The following data pertain to Lumina…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 54CE

See similar textbooks

Similar questions

Return on assets in 2023 ? General accounting
K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...
General Accounting
From the following information for BlueInks Corporation, compute the rate of return on assets. Hint: The numerator is income before interest expense and taxes. Net income $40,878 Total assets at beginning of year $250,100 Total assets at end of year $158,680 a. 15% b. 25% c. 16% d. 20%
Some selected financial statement items belonging to MNO Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Inventory 12,500Total Assets in 2021 110,000Current Liabilities 40,000Total Assets in 2020 90,000Net Profit 12,000Shareholders' Equity 65,000 Select one:a. 0.12b. 0.10c. 0.18d. 0.13
Randall Corporation reported the following revenue data:Year Net revenues (in millions)$$$$6,8007,0046,7327,2762016201720182019Use 2016 as the base year. The trend percentage in 2019 is closest toa. 93%.b. 104%.c. 107%.d. 112%
Operating data for Sandhill Corporation are presented as follows. 2027 2026 Net sales $827,400 $647,900 Cost of goods sold 525,399 408,177 Selling expenses 124,110 77,748 Administrative expenses 74,466 51,832 Income tax expense 37,233 25,916 Net income 66,192 84,227 Prepare a schedule showing a vertical analysis for 2027 and 2026. (Round percentages to 1 decimal place, e.g. 12.1%.) SANDHILL CORPORATION Condensed Income Statements For the Years Ended December 31 Net sales $ Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense Net income 2027 Amount Percent % $ % % % % ' " % % 10 $ % $ Amount 2026 Per
Please need answer the general accounting question
Assume Metro Company had a net income of $2,100 for the year ending December 2018. Its beginning and ending total assets were $30,000 and $18,000, respectively. Calculate Metro's return on assets (ROA). (Round your percentage answer to two decimal places.) A. 7% B. 11.67% C. 4.38% D. 8.75%
Calculate gross profit ratio for the year 2018 and 2019
Current Attempt in Progress Suppose selected comparative statement data for the giant bookseller Barnes & Noble are as follows. All balance sheet data are as of the end of the fiscal year (in millions). Net sales Cost of goods sold Net income Accounts receivable Inventory Total assets Total common stockholders' equity 2022 $5,050.3 3,700.7 65.1 65.0 1,250.1 2,950.1 940.6 2021 $5,800.9 3,200.1 190.9 106.6 1,350.1 3,250.1 1,100.5
view Policies Current Attempt in Progress Using these data from the comparative balance sheet of Cullumber Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.) Dec. 31, 2022 Dec. 31, 2021 Amount Percentage Amount Percentage Accounts receivable $ 467,400 $ 410,000 Inventory $ 785,400 % $ 660,000 % Total assets $3,197,900 % $2,830,000 % eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS