Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions) Net
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Use the following information to answer this question.
Windswept, Inc. 2017 Income Statement ($ in millions) | |||
Net sales | $ | 10,500 | |
Cost of goods sold | 8,200 | ||
Depreciation | 495 | ||
Earnings before interest and taxes | $ | 1,805 | |
Interest paid | 110 | ||
Taxable income | $ | 1,695 | |
Taxes | 593 | ||
Net income | $ | 1,102 | |
Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions) | |||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||
Cash | $ | 330 | $ | 365 | Accounts payable | $ | 1,760 | $ | 2,030 | ||||
Accounts rec. | 1,210 | 1,110 | Long-term debt | 1,120 | 1,445 | ||||||||
Inventory | 1,880 | 1,820 | Common stock | 3,460 | 3,080 | ||||||||
Total | $ | 3,420 | $ | 3,295 | Retained earnings | 700 | 950 | ||||||
Net fixed assets | 3,620 | 4,210 | |||||||||||
Total assets | $ | 7,040 | $ | 7,505 | Total liab. & equity | $ | 7,040 | $ | 7,505 | ||||
What is the return on equity for 2017?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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