Carnival Corporation & Group pic is a global company that operates several cruise lines€” including Carnival Cruises, Princess Cruises, and Holland America€”offering cruises in Europe, North America, and Australia. The statement of operations and consolidated balance sheet from Carnival's 2009 annual report are presented in Exhibit 1-10 A and B on pages 66-67.
In Exhibit 1-10
CONSOLIDATED STATEMENT OF OPERATIONS

Required:
a. Calculate the debt to total assets ratios and the times interest earned ratios for 2009 and 2008.
b. Identify the major factors that contributed to the changes in these ratios.
c. Write a short report commenting on the results of the ratio calculations that you did in part "a."

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Years Ended November 30 2009 2008 2007 Revenues rLnse Passenger tickets 99851210 9,792 Onboard and other.. Other 2585 395 1315 t 13013 Costs and Expenses Operating Cruise 1,917 161 1,498 1,156 2,232 501 1,470 1,774 856 1,913 293 9,039 1,629 1,249 1,941 495 Commissions, transportation and other Onboard and othe... Payroll and related.. Fuel Food Other ship operating. -.-..-. 1,096 747 1,717 296 7,628 1,579 1101 1191710,308 1,997 Other 8,104 1,590 Total Depreciation and amortization ...130 11,003 N*2,154 2729 Operating Income ._. Nonoperating (Expense) Income 35 (414) 67 (367) Interest income..N Interest expense, net of capitalized interest... (880) Other income (expense), net…· Income Before Income Taxes. . . Income Tax Expense, Net Net Income , ..·.. , , , . . . Earnings Per Share . . . . . . . . … 301) 2,424 , . . . . … 1,806 .. - 16)16) 5122024 . 2.27 296 3.04 s 2.242.90 $ 2.95 S 1.60 1.375 asicON Diluted. Dividends Declared Per Share