Question: 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%.)