The 2017 Annual Report of Tootsie Roll Industries contains the following information. (in millions) December 31, 2017 December 31, 2016 Total assets $930.9 $920.1 Total liabilities 197.1 208.6 Net sales 515.7 517.4 Net income 80.7 67.2 Compute the following ratios for Tootsie Roll for 2017. (a) Asset turnover (b) Return on assets (c) Profit margin on sales
The 2017 Annual Report of Tootsie Roll Industries contains the following information. (in millions) December 31, 2017 December 31, 2016 Total assets $930.9 $920.1 Total liabilities 197.1 208.6 Net sales 515.7 517.4 Net income 80.7 67.2 Compute the following ratios for Tootsie Roll for 2017. (a) Asset turnover (b) Return on assets (c) Profit margin on sales
Chapter5: Evaluating Operating And Financial Performance
Section: Chapter Questions
Problem 7EP
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Provide answer the following requirements on these general accounting question

Transcribed Image Text:The 2017 Annual Report of Tootsie Roll Industries contains the following
information.
(in millions)
December 31, 2017 December 31, 2016
Total assets $930.9
$920.1
Total liabilities 197.1
208.6
Net sales
515.7
517.4
Net income
80.7
67.2
Compute the following ratios for Tootsie Roll for 2017.
(a) Asset turnover
(b) Return on assets
(c) Profit margin on sales
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