Question: Question 20 Use the following information to answer this question. Windswept. Inc. Year 2 Income Statement (5 in millions). Net sales $ 10.550 Less: Cost

 Question 20 Use the following information to answer this question. Windswept.

Question 20 Use the following information to answer this question. Windswept. Inc. Year 2 Income Statement (5 in millions). Net sales $ 10.550 Less: Cost of goods sold 7.550 Less: Depreciation 455 Earnings before interest and taxes $2.545 Less: Interest paid 94 Taxable income $2.451 Less: Taxes 958 Net income $1.593 Windswept. Inc Year 1 and Year 2 Balance Sheets.(in millions). Year 1 Year 2_ Cash $ 180 $ 210 Accounts payable Accounts rec. 950 850 Long-term debt Inventory 1.690 1,615 Common stock Total $ 2,820 52.675 Retained earnings Net fixed assets 3.370 3.830 Total assets $ 6,190 56.505 Total liab. & equity Year 1 $1.360 1.030 $ 3,200 600 Year 2 $ 1,385 1.310 $2.960 850 $6.190 $6,505 What is the fixed asset turnover? (use Year 2 values, not an average) 0 2.24

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