Suppose during 2017 that federal express reported the following information (in millions): net sales of $34,700 and net income of $94. its balance sheet also showed total assets at the beginning of the year of $24,640 and total assets at the end of the year of $23,300. calculate the asset turnover and return on assets. (round answers to 2 decimal places, e. g. 6.25 or 17.54%.)

Answer

given,

Net sale = $34,700

Net income = $94

Total assets at the beginning = $24,640

Total asset at the end of the year = $23,300

Average asset  =

                         =

average turnover ratio =

                                     =

                                      = 1.447

Return on asset  =  

                            =

                            = 0.39 %

answer; /// the above statement is (true); good luck