Best Buy Co, Inc., is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the fiscal year ended January 30, 2016, are shown next.

Liquidity and solvency ratios for the industry are as follows:
_____________________________ Industry Average
Current ratio .....................................1.23
Acid-test ratio ...................................0.60
Debt to equity ...................................0.70
Times interest earned ........................5.66 times
Required:
1. Determine the following ratios for Best Buy for its fiscal year ended January 30, 2016.
a. Current ratio
b. Acid-test ratio
c. Debt to equity ratio
d. Times interest earned ratio
2. Using the ratios from requirement 1, assess Best Buy's liquidity and solvency relative to its industry.

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Best Buy Co., Inc. Balance Sheet At January 30, 2016 ($ in millions) Cash and cash equivalents 5 2 Accounts receivable, net Llabllties and Shareholders' Equity Current liabilities: Accounts payable Total current liabilities Long-term liabilities 5 Total liabilities and shareholders' equity Best Buy Co., Inc. Income Statement For the Year Ended January 30, 2016 ($ in millions) $39,528 Operating income Other income (expense) Income before income taxes Includes $80 of interest expense.