Carla Vista Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow.

Carla Vista Medical

Comparative Balance Sheet

As of December 31

2020 2019

Assets

Current assets

Cash $395,000 417,400

Accounts receivable, net 1,054,000 776,500

Inventory 728,000 681,100

Other current assets 381,300 247,100

Total current assets 2,558,300 2,122,100

Property, plant, & equipment, net 8,662,070 8,439,780

Total assets $11,220,370 $10,561,880

Liabilities and Stockholders' Equity

Current liabilities $3,160,000 $2,846,000

Long-term debt 3,702,600 6,738,700

Total liabilities 6,862,600 6,738,700

Preferred stock, $5 par value 59,000 58,900

Common stock, $0.25 par value 104,650 103,850

Retained earnings 4,194,120 3,660,430

Total stockholders' equity 4,357,770 3,823,180

Total liabilities and stockholders' equity $11,220,370 $10,561,880

Carla Vista Medical

Comparative Income Statement and Statement of Retained Earnings

For the Year

2020 2019

Sales revenue (all on account) $10,177,300 $9,613,900

Cost of goods sold 5,613,000 5,298,700

Gross profit 4,564,300 4,315,200

Operating expenses 2,840,200 2,634,200

Net operating income 1,724,100 1,681,000

Interest expense 300,400 308,600

Net income before taxes 1,423,700 1,372,400

Income taxes (30%) 427,110 411,720

Net income $996,590 $960,680

Dividends paid

Preferred dividends 29,550 29,550

Common dividends 433,350 413,000

Total dividends paid 462,900 442,500

Net income retained 533,690 518,130

Retained earnings, beginning of year 3,660,430 3,142,300

Retained earnings, end of year $4,194,120 $3,660,430

Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.)

Debt ratio

Debt-to-equity ratio

Times interest earned ratio times