The Following Summary Data Are From The May 31 2007 Balance Sheet Of Fedex All N

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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