a. Calculate the quick ratio for Smith & Sons, Inc., for 2015 and 2016.

b. Calculate the times-interest-earned ratio for Smith & Sons, Inc., for 2015 and 2016.

Round answers to two decimals

Times-Interest-Earned Ratio Smith and Sons, Inc. Income Statement 2016 2015 (in millions) $10,000 $9,500 Net sales (5,500) (5,200) Cost of goods sold Gross profit 4,500 4,300 Selling and administrative expenses (2,800) (2,700) 1,700 1,600 Income from operations (300) (250) Interest expense 1,400 350 Income before income taxes (420) (400) Income tax expense $980 $950 Net income