Cintas Corporation is the largest uniform supplier in North America, providing products and services to approximately 800,000 businesses of all types. Selected information from its 2008 annual report follows. For the 2008 fiscal year, the company reported sales revenue of \(\$ 2.8\) billion and Cost of Goods Sold of \(\$ 1.6\) billion.

Required:
Assuming that all sales are on credit, compute the current ratio (two decimal places), inventory turnover ratio (one decimal place), and accounts receivable turnover ratio (one decimal place) for 2008. Explain what each ratio means for Cintas.

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Fiscal Year Balance Sheet (amounts in millions) 2008 2007 Cash $ 70 $ 35 Accounts Receivable, less allowance of $15 and $15 430 410 Inventories 240 230 Prepaid Expenses 10 15 Other Current Assets 410 345 Accounts Payable 95 65 Wages Payable 50 60 Income Tax Payable Other Current Liabilities 10 70 210 205