Blossom Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Blossom Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $361,000 $417,400 Accounts receivable, net 1,080,000 776,500 Inventory 738,000 681,100 Other current assets 381,300 247,000 Total current assets 2,560,300 2,122,000 Property, plant, & equipment, net 8,711,140 8,440,245 Total assets $11,271,440 $10,562,245 Liabilities and Stockholders' Equity Current liabilities $3,210,000 $2,846,050 Long-term debt 3,702,700 3,892,700

Total liabilities 6,912,700 6,738,750 Preferred stock, $5 par value Common stock, $0.25 par value 58,950 59,000 104,650 103,900 Retained earnings 4,195,140 3,660,595 Total stockholders' equity 4,358,740 3,823,495 Total liabilities and stockholders' equity $11,271,440 $10,562,245 Blossom Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,250 $9,614,000 Cost of goods sold 5,611,750 5,298,800 Gross profit 4,565,500 4,315,200 Operating expenses 2,840,300 2,634,200 Net operating income 1,725,200 1,681,000 Interest expense 300,350 308,650 Net income before taxes 1,424,850 1,372,350

Income taxes (30%) 427,455 411,705 Net income $997,395 $960,645 Dividends paid Preferred dividends 29,450 29,450 Common dividends 433,400 413,000 Total dividends paid 462,850 442,450 Net income retained 534,545 518,195 Retained earnings, beginning of year 3,660,595 3,142,400 Retained earnings, end of year $4,195,140 $3,660,595 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.) a. Debt ratio % b. Debt-to-equity ratio C. Times interest earned ratio times