Question
Use the following information to answer this question: Windswept, Incorporated2021 Income Statement ($ in millions) Net sales $10,850 Cost of goods sold $7,600 Depreciation $460
Use the following information to answer this question:
Windswept, Incorporated2021 Income Statement ($ in millions)
Net sales $10,850
Cost of goods sold $7,600
Depreciation $460
Earnings before interest and taxes $2,790
Interest paid $96
Taxable income $2,694
Taxes $566
Net income $2,128
Windswept, Incorporated2020 and 2021 Balance Sheets($ in millions)
2020 2021
Cash $190 $220
Accounts payable $1,440 $1,430
Accounts received $970 $870
Long-term debt $1,000 $1,320
Inventory $1,720 $1,630
Common stock $3,220 $2,970
Total $2,880 $2,720
Retained earnings $610 $860
Net fixed assets $3,390 $3,860
Total assets $6,270 $6,580
Total liabilities & equity $6,270 $6,580
What is the fixed asset turnover for 2021?
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Kickstart Your Corporation The Incorporated Professionals Financial Planning Coach
Authors: Andrew Feindel
1st Edition
111970913X, 978-1119709138
