Suppose during 2022, Federal Express reported the following information (in millions): net sales of $37,953 and net income of $1,125. Its balance sheet also showed total assets at the beginning of the year of $24,000 and total assets at the end of the year of $25,633. Instructions Calculate the (a) asset turnover and (b) return on assets.
Suppose during 2022, Federal Express reported the following information (in millions): net sales of $37,953 and net income of $1,125. Its balance sheet also showed total assets at the beginning of the year of $24,000 and total assets at the end of the year of $25,633. Instructions Calculate the (a) asset turnover and (b) return on assets.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Suppose during 2022, Federal Express reported the following information (in millions): net sales of $37,953 and net income
of $1,125. Its balance sheet also showed total assets at the beginning of the year of $24,000 and total assets at the end of
the year of $25,633.
Instructions
Calculate the (a) asset turnover and (b) return on assets.
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