Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The 2017 Annual Report of Tootsie Roll Industries contains the following information. (in millions) December 31, 2017 December 31, 2016 Total assets $930.9 $920.1 Total

The 2017 Annual Report of Tootsie Roll Industries contains the following information.

(in millions)

December 31, 2017

December 31, 2016

Total assets

$930.9 $920.1

Total liabilities

197.1 208.6

Net sales

515.7 517.4

Net income

80.7 67.2

Compute the following ratios for Tootsie Roll for 2017.

(a)

Asset turnover (Round answer to 3 decimal places, e.g. 0.851 times.)

enter the asset turnover rounded to 4 decimal places

times
(b)

Return on assets (Round answer to 2 decimal places, e.g. 4.87%.)

enter the return on assets in percentages rounded to 2 decimal places

%
(c)

Profit margin on sales (Round answer to 2 decimal places, e.g. 4.87%.)

enter the profit margin on sales in percentages rounded to 3 decimal places

%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Information Systems

Authors: Mario Piattini

1st Edition

1878289756, 9781878289759

More Books

Students also viewed these Accounting questions

Question

Why could the Robert Bosch approach make sense to the company?

Answered: 1 week ago