Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $34,650 and net income of $93. Its balance sheet also showed total assets at the beginning of the year of $24,630 and total assets at the end of the year of $23,300.

Calculate the asset turnover and return on assets. (Round asset turnover to 2 decimal places, e.g. 6.25 and return on assets to 1 decimal place, e.g. 17.5%.)

Asset turnover		enter the asset turnover rounded to 2 decimal places	times
Return on assets		enter the return on assets in percentages rounded to 2 decimal places	%

Answer rating: 100% (QA)

Asset turnover ratio Net Sales Average Total Assets 34650 23965 1... View the full answer