How did he get the $1,720,623 from Profitability (1983) the formula is Return on assets

= net income / ((beginning total assets + ending total assets)/2) same thing goes with inventory. The formula should be Accounts receivable turnover (use trade receivables)

= sales / ((beginning trade receivables + ending trade receivables)/2) and I cant figure it out. Please refer to

Exhibit 1 The Charter Company Consolidated Statement of Earnings Years Ended December 31 (In thousands) 1983 1982 1981 1980 1979 Revenues $5,656,770 $4,017, 161 $4,966, 171 $4,563,011 $4,296,370 Equity in net earnings of Charter Security Life and other affiliates 117,958 43,402 14,080 661 2,357 $5,774,728 $4,060,563 $4,980,251 $4,563,672 $4,298,727 Expenses: Cost of sales and operating $5,364,820 $3,744,462 $4,512,215 $4, 193,275 $3,624,619 Selling, general and administrative 99,987 101,968 190,656 112,694 154,608 Interest 80,886 69,879 89, 196 77,133 44,000 Depreciation, depletion and amortization 37,939 36,074 32,511 35,085 28,851 Write-off of certain units at Bahamas refinery 49,428 Write-down of tanker 7,772 Total Expenses $5,640,832 $3,952,383 $4,824,578 $4,418,187 $3,852,078 Earnings before income taxes, etc. $133,896 $108, 180 $155,673 $145,485 $446,649 Income taxes 83514 78350 99727 95248 78923 Earnings from continuing operations $50,382 $29,830 $55,946 $50,237 $367,726 Discontinued operations, net (1,950) 5,430 (48,229) Extraordinary charge (2,388) Earnings before cumulative effect $48,432 $35,260 $7,717 $50,237 $365,338 Cumulative effect on prior years of a change in accounting principle 5,463 Net earnings $53,895 $35,260 $7,717 $50,237 $365,338