MC algo 3-13 Equity Multiplier Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income $11,100 8,050 430 $ 2,620 104 $ 2,516 881 $ 1,635 Cash Accounts rec. Inventory Total Net fixed assets Total assets Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions) 2016 2017 $ 300 $ 330 Accounts payable 1,150 1,050 Long-term debt 2,060 1,775 Common stock $ 3,510 $3,155 Retained earnings 3,520 4,120 $7,030 $ 7,275 Total liab. & equity 2016 $1,870 1,090 3,400 670 2017 $1,932 1,373 3,050 920 $7,030 $ 7,275 What is the equity multiplier for 2017