Nvidia Corporation, a global technology company located in Santa Clara, California, reported the following information in its 2017 financial statements ($ in millions): 2017 2016 Balance sheets Property, plant, and equipment (net) $ 462 $ 525 Income statement Net sales for 2017 $ 5,030 Required: 1. Calculate the company’s 2014 fixed-asset turnover ratio.

10.19 times

Explanation:

The fixed asset turnover ratio is the ratio of net sales to average total fixed assets.

It is a financial ratio that measures the efficiency of a company's utilization of its fixed assets in generating revenue.

Average fixed asset = ($462 + $525)/2

= $493.5 0

2017 fixed-asset turnover ratio

= $5,030/$493.5 0

= 10.19 times

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