Suppose during 2017 that federal express reported the following information (in millions): net sales of $34,450 and net income of $89. its balance sheet also showed total assets at the beginning of the year of $24,590 and total assets at the end of the year of $23,300. calculate the asset turnover and return on assets.

The asset turnover is 1.44 and return on assets is 0.37%

Explanation:

Average Total assets    

Assets in the beginning$24,590  

Assets at the end          $23,300  

Average assets          $23945

Sales                   $34,450  

Divide: Average assets        $23945  

Assets turnover ratio  1.44

Net Income                   $89

Divide: Average assets          $23945  

Return on assets           0.37%

Therefore, The asset turnover is 1.44 and return on assets is 0.37%

answer2/345y

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