Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $34,000 and net income of $80. Its balance sheet also showed total assets at the beginning of the year of $24,500 and total assets at the end of the year of $23,300. Calculate the asset turnover and return on assets. (Round asset turnover to 2 decimal places, e.g. 6.25 and return on assets to 1 decimal place, e.g. 17.5%.)
Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $34,000 and net income of $80. Its balance sheet also showed total assets at the beginning of the year of $24,500 and total assets at the end of the year of $23,300. Calculate the asset turnover and return on assets. (Round asset turnover to 2 decimal places, e.g. 6.25 and return on assets to 1 decimal place, e.g. 17.5%.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $34,000 and net income of
$80. Its balance sheet also showed total assets at the beginning of the year of $24,500 and total assets at the end of the year of
$23,300.
Calculate the asset turnover and return on assets. (Round asset turnover to 2 decimal places, e.g. 6.25 and return on assets to 1 decimal
place, e.g. 17.5%.)
Asset turnover
times
Return on assets
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb5f9375e-0df5-4157-884b-0c2da364968e%2F07e407bd-52a3-430f-b9a7-d2a6d0850550%2Fhauytem_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $34,000 and net income of
$80. Its balance sheet also showed total assets at the beginning of the year of $24,500 and total assets at the end of the year of
$23,300.
Calculate the asset turnover and return on assets. (Round asset turnover to 2 decimal places, e.g. 6.25 and return on assets to 1 decimal
place, e.g. 17.5%.)
Asset turnover
times
Return on assets
%
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