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Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $34,400 and net income of $88. Its balance sheet also
Suppose during 2022 that Federal Express reported the following information (in millions): net sales of $34,400 and net income of $88. Its balance sheet also showed total assets at the beginning of the year of $24,580 and total assets at the end of the year of $23,300. Calculate the asset turnover and return on assets. (Round asset turnover to 2 decimal places, e.g. 6.25 and return on assets to 1 decimal place, e.g. 17.5%.) Asset turnover 28.78 times Return on assets 0.4 %
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