Compute and Interpret Liquidity, Solvency and Coverage Ratios Information from the balance sheet, income statement, and statement of cash flows for Nike follows. Refer to these financial statements to answer the requirements. (b) Compute total liabilities-to-equity ratio and total debt-to-equity ratio for 2018 and 2019. HINT: Nike's total debt has three components reported on the balance sheet. Note: Round answers to two decimal places. 2019 total liabilities-to-equity = 2018 total liabilities-to-equity = 2019 total debt-to-equity = 2018 total debt-to-equity = Consolidated Statement of Cash Flows Year Ended May 31 (in millions) 20192018 Cash provided by operations: Net income Adjustments to reconcile net income to net cash provided by operations: Depreciation Deferred income taxes Stock-based compensation Amortization and other Net foreign currency adjustments Changes in certain working capital components and other assets and liabilities: (Increase) decrease in accounts receivable (Increase) decrease in inventories (Increase) decrease in prepaid expenses and other current and non-current assets Increase (decrease) in accounts payable, accrued liabilities and other current and non-current liabilities Cash provided by operations Cash provided (used) by investing activities: Purchases of short-term investments Maturities of short-term investments Sales of short-term investments Additions to property, plant and equipment Disposals of property, plant and equipment Other investing activities. Cash provided (used) by investing activities Cash used by financing activities: Long-term debt payments, including current portion Increase (decrease) in notes payable Payments on capital lease and other financing obligations Proceeds from exercise of stock options and other stock issuances Repurchase of common stock Dividends-common and preferred $4,029$1,933 Tax payments for net share settlement of equity awards Cash used by financing activities Effect of exchange rate changes on cash and equivalents Net increase (decrease) in cash and equivalents Cash and equivalents, beginning of year Cash and equivalents, end of year \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{ Consolidated Balance Sheets } \\ \hline May 31 (in millions) & 2019 & 2018 \\ \hline \multicolumn{3}{|l|}{ Current Assets } \\ \hline Cash and cash equivalents & $4,466 & $4,249 \\ \hline Short-term investments & 197 & 996 \\ \hline Accounts receivable, net. & 4,272 & 3,498 \\ \hline Inventories & 5,622 & 5,261 \\ \hline Prepaid expenses and other current assets & 1,968 & 1,130 \\ \hline Total current assets & 16,525 & 15,134 \\ \hline Property, plant and equipment, net & 4,744 & 4,454 \\ \hline Identifiable intangible assets, net & 283 & 285 \\ \hline Goodwill & 154 & 154 \\ \hline Deferred income taxes & 2,011 & 2,509 \\ \hline Total assets & $23,717 & $22,536 \\ \hline \multicolumn{3}{|l|}{ Liabilities and stockholders' equity } \\ \hline \multicolumn{3}{|l|}{ Current Liabilities } \\ \hline Current portion of long-term debt & $6 & $6 \\ \hline Notes payable & 9 & 336 \\ \hline Accounts payable & 2,612 & 2,279 \\ \hline Accrued pension liabilities & 5,010 & 3,269 \\ \hline Income taxes payable & 229 & 150 \\ \hline Total current liabilities & 7,866 & 6,040 \\ \hline Long-term debt & 3,464 & 3,468 \\ \hline Deferred income taxes and other liabilities & 3,347 & 3,216 \\ \hline \multicolumn{3}{|l|}{ Shareholders' equity } \\ \hline Class A convertible- 315 and 329 shares outstanding & -- & - \\ \hline Class B-1,253 and 1,272 shares outstanding & 3 & 3 \\ \hline Capital in excess of stated value & 7,163 & 6,384 \\ \hline Accumulated other comprehensive income (loss) & 231 & (92) \\ \hline Retained earnings & 1,643 & 3,517 \\ \hline Total shareholders' equity & 9,040 & 9,812 \\ \hline Total liabilities and stockholders' equity & $23,717 & $22,536 \\ \hline \end{tabular} million and \$70 million for the years ended May 31, 2019 and 2018, respectively." Note: For part c, define EBIT as operating income calculated as Gross profit less Total selling and administrative expense. Note: Round answers to two decimal places. 2019 times interest earned = 2018 times interest earned = 2019 cash from operations to total debt = 2018 cash from operations to total debt = 2019 free operating cash flow to total debt = 2018 free operating cash flow to total debt =