Response to the following problem:
Nokia (www.Nokia.com), Research In Motion, and Apple are all competitors in the global marketplace. Comparative figures for these companies' recent annual accounting periods follow.
(in millions, Nokia (EUR millions) Research In Motion Apple
except Current Prior Two Years Current Prior Current Prior
turnover) Year Year Prior Year Year Year Year
Total assets . . . . 35,738 39,582 37,599 $10,204 $ 8,101 $47,501 $36,171
Net sales . . . . 40,984 50,710 51,058 14,953 11,065 42,905 37,491
Total asset turnover . . . . . ? ? - 1.63 1.63 1.03 1.22
Required:
1. Compute total asset turnover for the most recent two years for Nokia using the data shown.
2. Which company is most efficient in generating net sales given the total assets it employs?