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Use the following information to answer this question. Windswept, Incorporated 2017 Income Statement ($ in millions) Net sales $ 9,950 Cost of goods sold 7,430
Use the following information to answer this question.
Windswept, Incorporated | |
---|---|
2017 Income Statement | |
($ in millions) | |
Net sales | $ 9,950 |
Cost of goods sold | 7,430 |
Depreciation | 445 |
Earnings before interest and taxes | $ 2,075 |
Interest paid | 90 |
Taxable income | $ 1,985 |
Taxes | 695 |
Net income | $ 1,290 |
Windswept, Incorporated | |||||
---|---|---|---|---|---|
2016 and 2017 Balance Sheets | |||||
($ in millions) | |||||
2016 | 2017 | 2016 | 2017 | ||
Cash | $ 160 | $ 190 | Accounts payable | $ 1,140 | $ 1,265 |
Accounts receivable | 880 | 780 | Long-term debt | 1,010 | 1,290 |
Inventory | 1,630 | 1,585 | Common stock | 3,270 | 2,940 |
Total | $ 2,670 | $ 2,555 | Retained earnings | 580 | 830 |
Net fixed assets | 3,330 | 3,770 | |||
Total assets | $ 6,000 | $ 6,325 | Total liability & equity | $ 6,000 | $ 6,325 |
What is the fixed asset turnover for 2017?
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