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$ 25,650 188, 200 127,950 212,800 140,000 $694,600 Gil's Fish and Tackle, Inc. Balance Sheet At December 31, 2018 Assets Cash Accounts Receivable (less allowance)
$ 25,650 188, 200 127,950 212,800 140,000 $694,600 Gil's Fish and Tackle, Inc. Balance Sheet At December 31, 2018 Assets Cash Accounts Receivable (less allowance) Inventories Property, Plant and Equipment Long-term Investments Total Assets Liabilities Accounts Payable Current Portion of Long-Term Debt Long-Term Notes Payable Total Liabilities Stockholders' Equity Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 54,700 76,500 125,000 256,200 320,000 118,400 438, 400 $694,600 Gil's Fish and Tackle, Inc. Income Statement For the year ending December 31, 2018 Sales Revenue $3,095,000 Operating Expenses Salaries and Wages Expense 1,949,500 Operating and Admin. Expenses 319, 700 Depreciation Expense 371,700 Operating Expenses 2,640,900 Operating Income 454,100 Other Expenses Interest Expense 18,750 Income Before Income Tax Expense 435.350 Income Tax Expense 161,080 Net Income $ 274,270 Required: Calculate the debt-to-assets ratio and the times interest earned. (Round your answers to 2 decimal places.) Debt-to-Assets Ratio Times Interest Earned
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