What was Lumina Corp.'s rate of return on assets for 2023 on these general 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%

To calculate the Rate of Return on Assets (ROA), use the formula: ROA = (Net Income / Average Total…

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

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