Use Shoppers' financial statements to respond to the following:

a. Calculate the debt-to-equity ratio on December 31, 2011, January 1, 2011, and January 3, 2010.

b. Do you see a pattern in how the ratio changed over the three years?

c. Explain why the debt-to-equity ratio changed from the beginning of fiscal 2010 to the end of fiscal 2011.

d. Interpret Shoppers' debt-to-equity ratio. What does it tell you about the financial position of the company?