Nvidia Corporation, a global technology company located in Santa Clara, California, reported the following information in its 2017 financial statements ($ in millions): 2017 2016 Balance sheets Property, plant, and equipment (net) $ 462 $ 525 Income statement Net sales for 2017 $ 5,030 Required: 1. Calculate the company’s 2014 fixed-asset turnover ratio.

10.19 times

Explanation:

The fixed asset turnover ratio is the ratio of net sales to average total fixed assets.

It is a financial ratio that measures the efficiency of a company's utilization of its fixed assets in generating revenue.

Average fixed asset = ($462 + $525)/2

= $493.5 0

2017 fixed-asset turnover ratio

= $5,030/$493.5 0

= 10.19 times

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The sixteen amendments to the United States constitution granted congress the power to impose an income tax. The amendment was passed in 1909 following the Supreme Court case between Pollock and Farmers' Loan & Trust Co.

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