E13-8 Computing and Interpreting Liquidity Ratios Cintas Corporation is the largest uniform supplier in North America. Selected information from its annual report follows. For the 2016 fiscal year, the company reported sales revenue of $4.9 bil- lion and Cost of Goods Sold of $2.1 billion. Fiscal Year 2016 2015 $435 500 230 Balance Sheet (amounts in millions) Cash and Cash Equivalents Accounts Receivable, Net Inventory Prepaid Rent and Other Current Assets Accounts Payable Salaries and Wages Payable Notes Payable (short-term) Other Current Liabilities $210 560 250 570 115 100 250 350 570 110 90 0 310 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 2016. Explain what each ratio means for Cintas