FedEx Corporation provides a broad range of transportation, e-commerce and business services. The following data were taken from the company’s 2019 annual report. All dollar amounts are in millions.

Required
a. Calculate the EBIT for each year.
b. Calculate the times-interest-earned ratio for each year.
c. Calculate the current ratio and debt-to-assets ratio for each year.
d. Did the company’s level of financial risk increase or decrease from 2017 to 2018? Explain.

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Account Title Current assets Total assets Current liabilities Total liabilities Interest expense Income tax expense (benefit) Net income Fiscal Years Ending May 31, 2019 $13,086 54,403 9,013 36,646 588 115 540 May 31, 2018 $13,341 52,330 9,627 32,914 558 (219) 4,572