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Use the following information to answer this question. Windswept, Inc. 2010 Income Statement ($ in millions) Net sales $ 11,750 Less: Cost of goods sold
Use the following information to answer this question. Windswept, Inc. 2010 Income Statement ($ in millions) Net sales $ 11,750 Less: Cost of goods sold 7,750 Less: Depreciation 475 Earnings before interest and taxes $ 3,5251 Less: Interest paid Taxable Income $ 3,4331 Less: Taxes 1,202 Net income $ 2,231 92 Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions) 2009 2010 2009 2010 Cash $ 220 $ 250 Accounts payable $ 1,660 $ 1,595 Accounts rec. 1,030 930 Long-term debt 1,030 1,350 Inventory 1,880 1,675 Common stock $ 3,280 $3,000 Total $ 3,130 $ 2,855 Retained earnings 6101 860 Net fixed assets 3,4501 3,9501 Total assets $ 6,580 $ 6,805 Total liab. & equity $ 6,580 $ 6,805 What is the fixed asset turnover? (use 2010 values. hints: fixed asset turnover = saleset fixed assets )
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