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Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions) Net sales $ 11,550 Cost of goods sold 8,200

Use the following information to answer this question.

Windswept, Inc. 2017 Income Statement ($ in millions)
Net sales $ 11,550
Cost of goods sold 8,200
Depreciation 445
Earnings before interest and taxes $ 2,905
Interest paid 110
Taxable income $ 2,795
Taxes 978
Net income $ 1,817

Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions)
2016 2017 2016 2017
Cash $ 330 $ 360 Accounts payable $ 1,990 $ 2,067
Accounts rec. 1,210 1,110 Long-term debt 1,120 1,403
Inventory 2,150 1,820 Common stock 3,460 3,080
Total $ 3,690 $ 3,290 Retained earnings 700 950
Net fixed assets 3,580 4,210
Total assets $ 7,270 $ 7,500 Total liab. & equity $ 7,270 $ 7,500

What is the equity multiplier for 2017?

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