Staples, Inc. is one of the largest suppliers of office products in the United States. It had a net income of $995.7 million and sales of $19,372.7 million in 2007. Its total assets were $8,397.3 million at the beginning of the year and $9,036.3 million at the end of the year.
What is Staples, Inc.’s (a) asset turnover ratio and (b) profit margin ratio?
In a recent year, Pharoah Corporation had net income of $766,000, interest expense of $146,000, and a times interest earned ratio of 8. What was Pharoah Corporation’s income before taxes for the year?
The following data are from the income statements of Haskin Company.
| 2015 | 2014 | |
|---|---|---|
| Sales | $6,479,600 | $6,191,500 |
| Beginning inventory | 975,300 | 851,400 |
| Purchases | 4,397,400 | 4,672,100 |
| Ending inventory | 1,057,100 | 975,300 |
Compute for each year the inventory turnover.
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