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Use the financials below to calculate the activity and debt ratios for Year -1 for Tiffany. Enter your answers in the ratios chart under Year -1. Then analyze the ratios for Years -1 to -3. Enter your answers in the analysis chart.

NOTE: Round to two decimal places.

Consolidated Balance Sheets - USD$ in Millions		Consolidated Statements of Earnings - USD$ in Millions
Current assets:		Net sales	$4,442.1
Cash & equivalents	$855.3	Cost of sales	1,631.1
Accounts receivable, net	245.4	Gross profit	2,811
Inventories, net	2,428	Selling, general & admin. expenses	2,020.7
Prepaid expenses & other	230.8	Earnings from operations	790.3
Total current assets	3,759.5	Interest expense	39.7
Property, plant & equipment, net	1,026.7	Other expense, net	7.1
Other assets, net	547	Earnings from operations before taxes	743.5
Total Assets	5,333	Provision for income taxes	157.1
Current liabilities:		Net earnings	$586.4
Short-term borrowings	113.4
Accounts payable	513.4
Other current liabilities	91.3
Total current liabilities	718.1
Long-term debt	883.4
Postretirement benefit obligations	312.4
Deferred gains on sale-leasebacks	31.1
Other long-term liabilities	257.1
Stockholders' equity:
Common Stock, $0.01 par value	1.2
Additional paid-in capital	1,275.4
Retained earnings	2,045.6
Acc. other comprehensive loss, net	(204.8)
Non-controlling interests	13.5
Total stockholders' equity	3,130.9
Total Liabilities & Equity	$5,333

Ratio	Trend/jump/drop of concern (inc. years)	Problem indicated by trend/jump/drop
DIH
DSO
CC
DPO
TIE

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