During 2009, Federal Express reported the following information (in millions) net sales of $35,497 and net income of $98 Its balance sheet also showed total assets at the beginning of the year of $25,633 and total assets at the end of the year of $24,244 Instructions Calculate the (a) Asset turnove...

During 2009, Federal Express reported the following information (in millions): net sales of $35,497 and net income

Question:

During 2009, Federal Express reported the following information (in millions): net sales of $35,497 and net income of $98. Its also showed total assets at the beginning of the year of $25,633 and total assets at the end of the year of $24,244.
Instructions
Calculate the
(a) ratio and
(b) Return on assets ratio.

Asset Turnover
Asset turnover is sales divided by total assets. Important for comparison over time and to other companies of the same industry. This is a standard business ratio. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...