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In its 2023 Annual Report, Horizon Beverages Corporation reports beginning-of-the-year total assets of $5,380 million, end- of-the-year total assets of $6,120 million, total sales of $8,450 million, and net income of $675 million. (a) Compute Horizon's asset turnover ratio. (Round answer to 3 decimal places, i.e. 5.252.) (b) Compute Horizon's profit margin on sales. (Round answer to 2 decimal places, i.e. 5.25.)

In its 2023 Annual Report, Horizon Beverages Corporation reports beginning-of-the-year total assets of $5,380 million, end- of-the-year total assets of $6,120 million, total sales of $8,450 million, and net income of $675 million. (a) Compute Horizon's asset turnover ratio. (Round answer to 3 decimal places, i.e. 5.252.) (b) Compute Horizon's profit margin on sales. (Round answer to 2 decimal places, i.e. 5.25.)

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 24CE
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In its 2023 Annual Report, Horizon Beverages Corporation reports beginning-of-the-year total assets of $5,380 million, end- of-the-year total assets of $6,120 million, total sales of $8,450 million, and net income of $675 million. (a) Compute Horizon's asset turnover ratio. (Round answer to 3 decimal places, i.e. 5.252.) (b) Compute Horizon's profit margin on sales. (Round answer to 2 decimal places, i.e. 5.25.)
Transcribed Image Text:In its 2023 Annual Report, Horizon Beverages Corporation reports beginning-of-the-year total assets of $5,380 million, end- of-the-year total assets of $6,120 million, total sales of $8,450 million, and net income of $675 million. (a) Compute Horizon's asset turnover ratio. (Round answer to 3 decimal places, i.e. 5.252.) (b) Compute Horizon's profit margin on sales. (Round answer to 2 decimal places, i.e. 5.25.)
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