The 2023 Annual Report of Velocity Snacks Inc. contains the following financial data: December 31, 2023 December 31, 2022 (in millions) Total Assets $1,150.5 Total Liabilities $250.8 Net Sales $600.4 Net Income $95.3 $1,125.3 $265.4 $595.2 $78.6 Calculate the following financial ratios for 2023: (a) Asset Turnover Ratio (b) Return on Assets (ROA)

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 63BE: Asset Efficiency Ratios Rumsford Inc.s financial statements for 2019 indicate the following account...
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Please give answer this financial accounting question

The 2023 Annual Report of Velocity Snacks Inc. contains the
following financial data:
December 31, 2023 December 31, 2022
(in millions)
Total Assets
$1,150.5
Total Liabilities $250.8
Net Sales
$600.4
Net Income
$95.3
$1,125.3
$265.4
$595.2
$78.6
Calculate the following financial ratios for 2023:
(a) Asset Turnover Ratio
(b) Return on Assets (ROA)
Transcribed Image Text:The 2023 Annual Report of Velocity Snacks Inc. contains the following financial data: December 31, 2023 December 31, 2022 (in millions) Total Assets $1,150.5 Total Liabilities $250.8 Net Sales $600.4 Net Income $95.3 $1,125.3 $265.4 $595.2 $78.6 Calculate the following financial ratios for 2023: (a) Asset Turnover Ratio (b) Return on Assets (ROA)
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