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

CullumberMedical

Comparative Balance Sheet

As of December 31

2020

2019

AssetsCurrent assetsCash$400,000$417,500Accounts receivable, net1,056,000776,400Inventory721,000681,050Other current assets381,300247,050Total current assets2,558,3002,122,000Property, plant, & equipment, net8,710,2358,439,930Total assets$11,268,535$10,561,930Liabilities and Stockholders' EquityCurrent liabilities$3,208,000$2,846,000Long-term debt3,702,7003,892,650Total liabilities6,910,7006,738,650Preferred stock, $5 par value59,00058,900Common stock, $0.25 par value104,700103,900Retained earnings4,194,1353,660,480Total stockholders' equity4,357,8353,823,280Total liabilities and stockholders' equity$11,268,535$10,561,930

CullumberMedical

Comparative Income Statement and Statement of Retained Earnings

For the Year

2020

2019

Sales revenue (all on account)$10,177,300$9,613,900Cost of goods sold5,613,0005,298,700Gross profit4,564,3004,315,200Operating expenses2,840,2502,634,200Net operating income1,724,0501,681,000Interest expense300,400308,600Net income before taxes1,423,6501,372,400Income taxes (30%)427,095411,720Net income$996,555$960,680Dividends paidPreferred dividends29,55029,500Common dividends433,350413,100Total dividends paid462,900442,600Net income retained533,655518,080Retained earnings, beginning of year3,660,4803,142,400Retained earnings, end of year$4,194,135$3,660,480

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

a.Debt ratioenter percentages

%b.Debt-to-equity ratioenter a ratio

c.Times interest earned ratioenter a number of times

times