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The 2014 Annual Report of Tootsie Roll Industries contains the following information. (in millions) Total assets Total liabilities Net sales Net income December 31, 2014

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The 2014 Annual Report of Tootsie Roll Industries contains the following information. (in millions) Total assets Total liabilities Net sales Net income December 31, 2014 $910.4 219.3 539.9 63.2 December 31, 2013 $888.4 208.1 539.6 60.8 (d) How can the asset turnover ratio be used to compute the return on assets? Asset turnover 0.6003 times Return on assets 7.03% Profit margin on sales 11.706%

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