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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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