The following summary data are from the May 31, 2004, balance sheet of FedEx. All numbers are in millions.

Total current assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,970

Property, plant, and equipment (net) . . . . . . . . . . . . . . . . . . . . 9,037

Other long-term assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,127

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,134

Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,732

Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,837

Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,529

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,098

Stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,036

Total sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,710

A summary of future minimum lease payments under capital leases and non-cancelable operating leases (principally aircraft, retail locations and facilities) with an initial or remaining term in excess of 1 year at May 31, 2004, is as follows (in millions):

Instructions:
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 capitalleases.

Capa Operating Leases Leases 1.707 ,555 1.436 1,329 1,169 7,820 $15,016 $160 122 2008 2009 Thereafter Less amount representing interest Present value of net minimum lease payments $639 $105 $534