Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $35,000 and net income of $80. Its balance sheet also showed total assets at the beginning of the year of $24,700 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 Return on assets times %

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $35,000 and net income of
$80. Its balance sheet also showed total assets at the beginning of the year of $24,700 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
Return on assets
times
%
Transcribed Image Text:Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $35,000 and net income of $80. Its balance sheet also showed total assets at the beginning of the year of $24,700 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 Return on assets times %
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