General accounting The following information is provided for Crane Company and Blue Spruce Corp.Crane company Blue Spruce Corp.(in $ millions)Net income 2017$150$370Net sales 201716554740Total assets 12/31/15 10052110Total assets 12/31/16 11903180Total assets 12/31/17 11504100What is Crane's asset turnover ratio (rounded) for 2017?a. 0.72 times.b. 4.00 times.c. 0.22 times.d. 1.41 times.

Step 1: Define Asset TurnoverAsset turnover is a ratio that indicates the company's efficiency in…

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Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 6MCQ

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The 2017 annual report of Tootsie Roll Industries contains the following information. (in millions) December 31, 2017 0000 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 Instructions Compute the following ratios for Tootsie Roll for 2017. a. Asset turnover. b. Return on assets. c. Profit margin on sales. d. How can the asset turnover be used to compute the return on assets?
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