The following summary data are from the May 31, 2007, balance sheet of FedEx. All numbers are in millions.

The following summary data are from the May 31, 2007, balance sheet of FedEx. All numbers are inmillions.Total current assets $6,629Property, plant and equipment (net) 12,636Other long-term assets 4,735Total assets $24,000Current liabilities $5,428Long-term debt 2,007Other long-term liabilities 3,909Total liabilities $11,344Stockholder’s equity $12,656Total sales $35,214A summary of future minimum lease payments under capital leases at May 31, 2007, if as follows (inmillions):Capital Leases2008 $1032009 132010 972011 82012 8Thereafter 137$366Less amount representing interest 58Present value of net minimum lease payments $308A summary of future minimum lease payments under non-cancelable operating leases with an initial orremaining term in excess of one year at May 31, 2007, is as follows (in millions):Operating Leases Aircraft and Related Equipment Facilities and Other Total2008 $602 $1,078 $1,6802009 555 926 1,4812010 544 753 1,2972011 526 617 1,1432012 504 506 1,010Thereafter 3,430 3,322 6,752Total minimum payments $6,161 $7,202 $13,363Instructions: Compute the following ratio values.1. Debt ratio (total liabilities/total assets)2. Debt ratio assuming that FedEx’s operating leases are accounted for as capital leases.3. Asset turnover (sales/total assets).4. Asset turnover assuming that FedEx’s operating leases are accounted for as capital leases.

Question:The following summary data are from the May 31, 2007, balance sheet of FedEx. All numbers are inmillions.Total current assets $6,629Property, plant and equipment (net) 12,636Other…

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