# Suppose during 2022 that Federal Express reported the following information (in millions): net sales of \$34,750...

Suppose during 2022 that Federal Express reported the following information (in millions): net sales of \$34,750 and net income of \$95. Its balance sheet also showed total assets at the beginning of the year of \$24,650 and total assets at the end of the year of \$23,300. Calculate the asset turnover and return on assets. (Round asset turnover to 2 decimal places, e.g. 6.25 and return on assets to 1 decimal place, e.g. 17.5%.) Asset turnover times Return on assets

 Asset Turnover = Net Sales / Average Total Assets = 34750 / 23975 = 1.45 Average Total Assets = Assets at the Beginning of year + Assets at the closing of year (24,650+23,300) / 2 = \$23,975 Return on assets = Net Income / Average Total Assets = 95/23975 = 0.0040

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