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Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions) Net sales $ 14,450 Cost of goods sold 8,200
Use the following information to answer this question.
Windswept, Inc. 2017 Income Statement ($ in millions) | |||
Net sales | $ | 14,450 | |
Cost of goods sold | 8,200 | ||
Depreciation | 520 | ||
Earnings before interest and taxes | $ | 5,730 | |
Interest paid | 110 | ||
Taxable income | $ | 5,620 | |
Taxes | 1,967 | ||
Net income | $ | 3,653 | |
Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions) | |||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||
Cash | $ | 310 | $ | 340 | Accounts payable | $ | 2,020 | $ | 2,000 | ||||
Accounts rec. | 1,210 | 1,110 | Long-term debt | 1,120 | 1,440 | ||||||||
Inventory | 2,150 | 1,810 | Common stock | 3,460 | 3,090 | ||||||||
Total | $ | 3,670 | $ | 3,260 | Retained earnings | 700 | 950 | ||||||
Net fixed assets | 3,630 | 4,220 | |||||||||||
Total assets | $ | 7,300 | $ | 7,480 | Total liab. & equity | $ | 7,300 | $ | 7,480 | ||||
What is the fixed asset turnover for 2017?
A) 4.43 times
B) 1.93 times
C) 3.42 times
D) .29 times
E) 2.26 times
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