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

Total current assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,629

Property, plant, and equipment (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,636

Other long-term assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,735

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,000

Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,428

Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,007

Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,909

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,344

Stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,656

Total sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $35,214

A summary of future minimum lease payments under capital leases at May 31, 2007, is as follows (in millions):

Capital Leases

2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $103

2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137

$366

Less amount representing interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

Present value of net minimum lease payments . . . . . . . . . . . . . . . . . . $308

A summary of future minimum lease payments under non-cancelable operating leases with an initial or remaining term in excess of one year at May 31, 2007, 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.

Aircraft and Related Equipment Operating Leases Facilities and Other Total 2008 2009 2010 2011 2012 Thereafter $ 1,680 1,481 1,297 1.143 1010 6.752 $13.363 $ 602 544 526 504 3.430 $6,161 $1.078 926 753 617 506 3.322 $7.202 Total Minimum Payments