The following data are summarized from a recent Form 10-K report of VF Corporation. VF Corporation December 31 ($ millions) Current Year Prior Year Assets Current assets Cash $946 $972 Accounts receivable 1,320 1,276 Inventory 1,612 1,483 Other current assets 286 301 Total current assets 4,164 4,032 Property, plant, and equipment 988 942 Intangible assets 2,113 2,433 Goodwill 1,788 1,825 Other assets 587 613 Total assets $9,640 $9,845 Liabilities and Stockholders' Equity Current liabilities Short-term borrowings $450 $22 Current portion of long-term debt 13 4 Accounts payable 690 691 Accrued liabilities 789 897 Total current liabilities 1,942 1,614 Long-term debt 1,402 1,414 Other liabilities 911 1,186 Total liabilities 4,255 4,214 Stockholders equity

Stockholders Equity
Preferred stock	0	0
Common stock	106	108
Additional paid-in capital	3,193	2,993
Accumulated other comprehensive income	(1,043)	(702)
Retained earnings	3,129	3,232
Total stockholders equity	5,385	5,631
Total liabilities and stockholders' equity	$9,640	$9,845

Additional Information ($ millions)	Current Year
Net sales	$12,251
Cost of goods sold	6,394
Net income	1,232
Income before interest and taxes	1,669
Interest expense	89
Cash provided from operating activities	1,147
Cash paid for dividends	565
Cash paid for capital expenditures	255

Required

• Ratios
• Horizontal Analysis

a. Calculate the following liquidity ratios for the current year: current ratio and quick ratio.

Ratio	Numerator		Denominator		Result
Current ratio				=
Quick ratio				=

b. Calculate the following activity ratios for the current year: accounts receivable turnover; average days to collect receivables; inventory turnover; and average days in inventory. Note: Enter your answers for the numerator and denominator rounded to the nearest whole dollar, except when entering a "result" amount. When entering a "result" amount as a numerator or denominator, enter the amount as shown.

	Ratio	Numerator		Denominator		Result
	Accounts receivable turnover				=
	Average days to collect receivables				=
	Inventory turnover				=
	Average days in inventory				=

c. Calculate the following cash ow ratios for the current year: current cash debt coverage; cash debt coverage; and free cash ow. Note: Enter your answers for the numerator and denominator rounded to the nearest whole dollar

	Ratio	Numerator		Denominator		Result
	Current cash debt coverage				=
	Cash debt coverage				=

Free cash flow $Answer

($ millions)