MindTap Business Law, 1 term (6 months) Printed Access Card for Cross/Miller's The Legal Environment of Business: Text and Cases, 10th (MindTap Course List)
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Chapter 13, Problem 2CT
Summary Introduction

Case summary: Person DT and person MS had formed an university TEI. It sold courses on real estate investing. The attorney general ES alleged that the university was illegal, and that it had committed fraud persistently. A suit was filed against the university in the court. Attorney general ES appealed further after the court dismissed the case.

To find : The result of the case if the courses in real estate investing were offered online.

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Use the following information to answer this question: Net sales Windswept, Incorporated 2024 Income Statement Cost of goods sold Depreciation ($ in millions) Earnings before interest and taxes Interest paid Taxable income Taxes Net income $ 14,150 8,150 515 $ 5,485 108 $ 5,377 1,129 $ 4,248 Windswept, Incorporated 2023 and 2024 Balance Sheets ($ in millions) 2023 2024 2023 2024 Cash Accounts received $ 300 $ 330 Accounts payable $ 1,980 $1,955 1,190 1,090 Long-term debt 1,110 1,430 Inventory 2,120 1,795 Common stock 3,440 3,080 Total $ 3,610 $ 3,215 Retained earnings 690 940 Net fixed assets 3,610 Total assets $ 7,220 4,190 $ 7,405 Total liabilities & equity $ 7,220 $ 7,405 What is the fixed asset turnover for 2024?
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