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Windswept, Inc. 2017 Income Statement ($ in millions) Net sales $ 13,250 Cost of goods sold 8,000 Depreciation 500 Earnings before interest and taxes $
Windswept, Inc. 2017 Income Statement ($ in millions) | |||
Net sales | $ | 13,250 | |
Cost of goods sold | 8,000 | ||
Depreciation | 500 | ||
Earnings before interest and taxes | $ | 4,750 | |
Interest paid | 102 | ||
Taxable income | $ | 4,648 | |
Taxes | 1,627 | ||
Net income | $ | 3,021 | |
Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions) | |||||||||||||
2016 | 2017 | 2016 | 2017 | ||||||||||
Cash | $ | 270 | $ | 300 | Accounts payable | $ | 1,860 | $ | 1,820 | ||||
Accounts rec. | 1,130 | 1,030 | Long-term debt | 1,080 | 1,400 | ||||||||
Inventory | 2,030 | 1,750 | Common stock | 3,380 | 3,050 | ||||||||
Total | $ | 3,430 | $ | 3,080 | Retained earnings | 660 | 910 | ||||||
Net fixed assets | 3,550 | 4,100 | |||||||||||
Total assets | $ | 6,980 | $ | 7,180 | Total liab. & equity | $ | 6,980 | $ | 7,180 | ||||
What is the fixed asset turnover for 2017?
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