Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Brief Exercise 9-21 Calculate ratios (LO9-8) Surf's Up, a manufacturer of surfing supplies and training equipment, has the following selected data ($ in millions): Surf's
Brief Exercise 9-21 Calculate ratios (LO9-8) Surf's Up, a manufacturer of surfing supplies and training equipment, has the following selected data ($ in millions): Surf's Up Selected balance sheet data 2021 Total assets $ 739 Total liabilities 622 Total stockholders' equity 117 2020 $ 730 524 206 Surf's Up Selected income statement data 2021 Sales revenue $807 Interest expense Tax expense 39 Net income Based on these amounts, calculate the following ratios for 2021: (Do not round intermediate calculations. Round all final answers to 1 decimal place. Enter your answers in millions (.e. 5,500,000 should be entered as 5.5).) Debt to Equity Ratio Return on Assets Ratio Times Interest Earned Ratio
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started