The 2011 Annual Report of Tootsie Roll Industries contains the following Information.

Instructions
Compute the following ratios for Tootsie Roll for 2011.
(a) Asset turnover.
(b) Return on assets.
(c) Profit margin on sales.
(d) How can the asset turnover be used to compute the return onassets?

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(in millions) Total assets Total liabilities Net sales Net income December 31, 2011 $857.9 191.9 528.4 43.9 December 31, 2010 $858.0 190.6 517.1 53.0