The 2006 annual report of Walgreens contains the following information.

Instructions
Compute the following ratios for Walgreens for 2006.
(a) Asset turnover ratio.
(b) Rate of return on assets.
(c) Profit margin on sales.
(d) How can the asset turnover ratio be used to compute the rate of return onassets?

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in millions) Total assets Total liabilities Net sales Net income 2006 2005 $17,131. $14,608.8 5,719.1 42,201.6 1,559.5 7,015.3 47,409.0 1,750.6