Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it had net income of $790 million and sales of $23,900 million in 2022. Its total assets were $14,500 million at the beginning of the year and $15,650 million at the end of the year. What is Staples, Inc.’s (a) asset turnover and (b) profit margin? (Round answers to 2 decimal places, e.g. 1.25.) (a) Asset turnover enter asset turnover in times rounded to 2 decimal places times (b) Profit margin Enter profit margin in percentages rounded to 1 decimal place %
Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it had net income of $790 million and sales of $23,900 million in 2022. Its total assets were $14,500 million at the beginning of the year and $15,650 million at the end of the year. What is Staples, Inc.’s (a) asset turnover and (b) profit margin? (Round answers to 2 decimal places, e.g. 1.25.) (a) Asset turnover enter asset turnover in times rounded to 2 decimal places times (b) Profit margin Enter profit margin in percentages rounded to 1 decimal place %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it had net income of $790 million and sales of $23,900 million in 2022. Its total assets were $14,500 million at the beginning of the year and $15,650 million at the end of the year. What is Staples, Inc.’s (a) asset turnover and (b) profit margin? (Round answers to 2 decimal places, e.g. 1.25.)
| (a) |
Asset turnover
|
enter asset turnover in times rounded to 2 decimal places
|
times | ||
|---|---|---|---|---|---|
| (b) |
Profit margin
|
Enter profit margin in percentages rounded to 1 decimal place
|
% |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education