Blossom Company reports the following information (in millions) during a recent year: net sales, $10,810.0; net earnings, $324.3; total assets, ending, $5,380.0; and total assets, beginning, $5,430.0. (a) Calculate the (1) return on assets, (2) asset turnover, and (3) profit margin. (Round answers to 1 decimal place, e. g. 6.2% and 6.2.)

Explanation:

1. Return on assets;

= Net Income / Average Total Assets

Average Total Assets = (5,380 + 5,430) / 2

= $5,405

Return on Assets = 324.3/5,405

= 6%

2. Asset Turnover

= Net Sales / Average Total Assets

= 10,810/5,405

= 2.0 times

3. Profit Margin

= Net Income/ Net Sales

= 324.3/10,810

= 3%

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explanation: