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Please show the detailed calculations. P15-13A Loblaw Companies Limited reported the following selected information (in millions): Total assets Total liabilities Interest expense Income tax expense
Please show the detailed calculations.
P15-13A Loblaw Companies Limited reported the following selected information (in millions): Total assets Total liabilities Interest expense Income tax expense Profit Jan. 3, 2015 $33,684 20,897 466 25 53 Dec. 28, 2013 $20,741 13,741 287 226 627 Instructions (a) Calculate Loblaw's debt to total assets and interest coverage ratios for each year. (b) Based on the ratios calculated in part (a), what conclusions can you make about Loblaw's solvency
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