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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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