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Use the following information to answer this question. Windswept., Inc. 2010 Income Statement ($lin millions) Net sales $ 10,350 Less. Cost of goods sold 17.800

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Use the following information to answer this question. Windswept., Inc. 2010 Income Statement ($lin millions) Net sales $ 10,350 Less. Cost of goods sold 17.800 Less: Depreciation 405 Earnings before interest and taxes $ 2,145 Less: Interest paid 94 Taxable Income $ 2.0511 Less: Taxes 718 Net income $ 1.333 Windswept Inc. 2009 and 2010 Balance Sheets $ in millions) 2009 2010 2009 2010 Cash $ 250 $ 280 Accounts payable $ 1670 $ 1,707 Accounts rec 11.050 950 Long-term debt 1,040 BAR 1.323 Inventory 1,9101 1.700 Common stock $ 3,300 $13,000 Total $ 3210 $ 2.930 Retained earnings 6201 870 Net fixed assets 3,420 3,970 Total assets $16.630 $ 6.900 Total liab. & equity $ 6.630 $ 6.900 What is the financial leverage ratio for 2010? (using the year-end value, not an average). Use the following information to answer this question. Windswept., Inc. 2010 Income Statement ($lin millions) Net sales $ 10,350 Less. Cost of goods sold 17.800 Less: Depreciation 405 Earnings before interest and taxes $ 2,145 Less: Interest paid 94 Taxable Income $ 2.0511 Less: Taxes 718 Net income $ 1.333 Windswept Inc. 2009 and 2010 Balance Sheets $ in millions) 2009 2010 2009 2010 Cash $ 250 $ 280 Accounts payable $ 1670 $ 1,707 Accounts rec 11.050 950 Long-term debt 1,040 BAR 1.323 Inventory 1,9101 1.700 Common stock $ 3,300 $13,000 Total $ 3210 $ 2.930 Retained earnings 6201 870 Net fixed assets 3,420 3,970 Total assets $16.630 $ 6.900 Total liab. & equity $ 6.630 $ 6.900 What is the financial leverage ratio for 2010? (using the year-end value, not an average)

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