Carnival Cruise Lines prides itself on delivering memorable vacations to its guests by offering a wide array of quality cruises. Assume the company began its 2014 fiscal year with assets totalling 33.4 million U.S. dollars but ended the year (on December 31, 2014) with 36.8 million U.S. dollars of total assets. Account balances on December 31, 2014, appear below (in thousands of U.S. dollars).

Required:
1. Prepare a statement of financial position at December 31, 2014, using Exhibit 5.12 as a guide.
2. Use an appropriate ratio to compute Carnival's financing risk. Compare Carnival's ratio to the hypothetical 0.60 industry standard. Would Carnival be more likely to pay its liabilities than the industry standard?
3. Use an appropriate ratio to compute the amount of profit Carnival earns from each U.S. dollar of sales. Compare Carnival's ratio to the industry standard, which had a hypothetical ratio of 0.10. Would Carnival be able to control its expenses better than others in its industry?
4. Use an appropriate ratio to compute Carnival's efficiency at using assets to generate sales. Compare Carnival's ratio to the hypothetical 0.34 reported for the industry standard. Is Carnival more efficient at using its assets to generate sales than others in its industry?

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Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation Cash Contributed Capital Property and Equipment Retained Earnings, Jan. 1,2014 Sales Revenues Short-Term Debt Other Long-Term Liabilities Inventory Other Noncurrent Assets Notes Payable, due 2016 Prepaid Expenses Profit for the Year (Net Income) 568 362 3,449 7,864 538 320 37,734 5,447 9,097 298 2,252 13,980 950 736 5,803