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Windswept, Inc. 2010 Income Statement ($ in millions) Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes. Less: Interest paid Taxable Income Less: Taxes Net income. Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions) Cash Accounts rec. Inventory Total Net fixed assets Total assets 2009 $ 250 2010 $ 280 1,090 990 6,820 3,510 4,040 12,650 7,900 $ 7,030 490 $ 4,260 98 $ 4,162 1,457 $ 2,705 Accounts payable 1,970 1,720 $ $ Retained 3,310 2,990 earnings Long-term debt Common stock Total liab. & equity 2009 $ $ 1,780 1,730 1,060 2010 1,380 $ $ 3,340 3,030 6,820 640 890 $ 7,030

Windswept, Inc. 2010 Income Statement ($ in millions) Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes. Less: Interest paid Taxable Income Less: Taxes Net income. Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions) Cash Accounts rec. Inventory Total Net fixed assets Total assets 2009 $ 250 2010 $ 280 1,090 990 6,820 3,510 4,040 12,650 7,900 $ 7,030 490 $ 4,260 98 $ 4,162 1,457 $ 2,705 Accounts payable 1,970 1,720 $ $ Retained 3,310 2,990 earnings Long-term debt Common stock Total liab. & equity 2009 $ $ 1,780 1,730 1,060 2010 1,380 $ $ 3,340 3,030 6,820 640 890 $ 7,030

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Windswept, Inc. 2010 Income Statement ($ in millions) Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes Less: Interest paid Taxable Income Less: Taxes Net income Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions) Cash Accounts rec. Inventory Total Net fixed assets Total assets 2009 $ 250 2010 1,970 $ 280 1,090 990 1,720 12,650 3,510 4,040 7,900 490 $ 4,260 98 $ 4,162 What is the fixed asset turnover? (use 2010 values) 1,457 $ 2,705 Accounts payable Long-term debt Retained $ $ 3,310 2,990 earnings Common stock $ 6,820 7,030 equity Total liab. & 2009 $ 1,780 1,060 $ 3,340 640 $ 6,820 2010 $ 1,730 1,380 $ 3,030 890 $ 7,030
Transcribed Image Text:Windswept, Inc. 2010 Income Statement ($ in millions) Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes Less: Interest paid Taxable Income Less: Taxes Net income Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions) Cash Accounts rec. Inventory Total Net fixed assets Total assets 2009 $ 250 2010 1,970 $ 280 1,090 990 1,720 12,650 3,510 4,040 7,900 490 $ 4,260 98 $ 4,162 What is the fixed asset turnover? (use 2010 values) 1,457 $ 2,705 Accounts payable Long-term debt Retained $ $ 3,310 2,990 earnings Common stock $ 6,820 7,030 equity Total liab. & 2009 $ 1,780 1,060 $ 3,340 640 $ 6,820 2010 $ 1,730 1,380 $ 3,030 890 $ 7,030
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