Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions)...
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Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 11,150 Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income 7,650 465 $ 3,035 88 $ 2,947 Taxes 619 Net income $ 2,328 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 230 Accounts payable Long-term debt $ 200 $ 1,480 $ 1,475 Accounts received 990 890 1,010 1,330 2,980 Inventory 1,750 1,645 Common stock 3,240 Total $ 2,940 3,410 $ 6,350 $ 2,765 Retained earnings 620 870 Net fixed assets 3,890 Total assets $ 6,655 Total liabilities & equity $ 6,350 $ 6,655 What is the fixed asset turnover for 2021? What is the fixed asset turnover for 2021? Multiple Choice 2.87 times 35 times 2.24 times 1.68 times 4.03 times Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 11,150 Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income 7,650 465 $ 3,035 88 $ 2,947 Taxes 619 Net income $ 2,328 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 230 Accounts payable Long-term debt $ 200 $ 1,480 $ 1,475 Accounts received 990 890 1,010 1,330 2,980 Inventory 1,750 1,645 Common stock 3,240 Total $ 2,940 3,410 $ 6,350 $ 2,765 Retained earnings 620 870 Net fixed assets 3,890 Total assets $ 6,655 Total liabilities & equity $ 6,350 $ 6,655 What is the fixed asset turnover for 2021? What is the fixed asset turnover for 2021? Multiple Choice 2.87 times 35 times 2.24 times 1.68 times 4.03 times
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Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
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