Suncor Energy Inc. has reported the following information (in millions) in its financial statements:

	2007	2006	2005
Total Current Assets	$ 2,818	$ 2,302	$ 1,916
Total Current Liabilities	3,097	2,158	1,935
Operating Revenues (assume all credit)	15,020	13,798	9,749
Accounts Receivable (gross)	1,419	1,054	1,143
Allowance for Doubtful Accounts	3	4	4
Cost of Goods Sold	5,935	4,678	4,164
Inventory	608	589	523

The company has a securitization program in place to sell to a third party, on a revolving, fully serviced, and limited recourse basis, up to $170 million of accounts receivable having a maturity of 45 days or less. Proceeds received from new securitizations and proceeds from collections reinvested in securitizations on a revolving basis for the year ended December 31, 2007, were $170 million. The company recorded an after-tax loss of approximately $4 million on the securitization program in 2007 (and after-tax losses of $2 million in 2006 and $4 million in 2005).

a) Calculate the current ratio, receivables turnover, and inventory turnover for 2007 and 2006. Comment on Suncor's liquidity.

b) In 2007, the dollar amount of Suncor's allowance for doubtful accounts was lower than it was in the previous year even though its accounts receivable were higher. Comment on the reasons why this could have occured.

c) Suncor regularly securitizes a portion of its accounts receivable. Comment on this practice as part of Suncor's management of its accounts receivable. Why would the company continue with this program if losses were incurred from its operations?