Business, 19.02.2021 16:30 makayla912

Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions)

Net sales $9,900
Cost of goods sold 7,650
Depreciation 390
Earnings before interest and taxes $1,860
Interest paid 88
Taxable income $1,772
Taxes 620
Net income $1,152

Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions)
2016 2017 2016 2017
Cash $220 $250 Accounts payable $1,540 $1,632
Accounts rec. 990 890 Long-term debt 1,010 1,293
Inventory 1,750 1,655 Common stock 3,240 2,970
Total $2,960 $2,795 Retained earnings 530 780
Net fixed assets 3,360 3,880 Total assets $6,320 $6,675

Required:
What is the equity multiplier for 2017?

Answers: 3

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Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in...

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