EBK PERSONAL FINANCE
7th Edition
ISBN: 8220100659713
Author: KEOWN
Publisher: PEARSON
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Chapter 5, Problem 2DC1
Summary Introduction
To discuss:
Factors to be considered while selecting a checking and/or savings account.
Introduction:
Checking account refers to a deposit account kept at a financial institution which allows deposits and withdrawals. These accounts are very much liquid among all other types of accounts. It is also known as transactional account.
Savings account refers to an account in which interest is paid by the bank on the amount of deposit made by the account holder. This account is opened to make savings which can be done on daily basis or weekly or even monthly.
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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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