Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $33,400...

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Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $33,400 and net income of $150. Its balance sheet also showed total assets at the beginning of the year of $28,000 and total assets at the end of the year of $12,000. Calculate the asset turnover and return on assets. (Round answers to 2 decimal places, e.g. 6.25 or 17.54%.) Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $33,400 and net income of $150. Its balance sheet also showed total assets at the beginning of the year of $28,000 and total assets at the end of the year of $12,000. Calculate the asset turnover and return on assets. (Round answers to 2 decimal places, e.g. 6.25 or 17.54%.)

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To calculate the asset turnover and return on assets we use the followin... View the full answer