Hopson Company reports the following information (in millions) during a recent year: net sales, $8,053.7; net earnings, $254.8; total assets, ending,…

Hopson Company reports the following information (in millions) during a recent year: net sales, $8,053.7; net earnings, $254.8; total assets, ending, $5,546.6; and total assets, beginning, $4,635.9.Calculate the (1) return on assets, (2) asset turnover, and (3) profit margin ratios.

Net salesNet EarningsTotal assets, endingTotal assets, beginning1 Return on Assets2 Asset Turnover3 Profit Margin 8053.7254.85546.64635.95.00% (Net income/average assets) 1.58 (Net…

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