Question
Galaxy United, Inc. 2009 Income Statement ($ in thousands) Net sales $5,690 Less: Cost of goods sold 4,040 Less: Depreciation 430 Earnings before interest and
Galaxy United, Inc. 2009 Income Statement ($ in thousands) | ||||||
Net sales | $5,690 | |||||
Less: Cost of goods sold | 4,040 | |||||
Less: Depreciation | 430 | |||||
Earnings before interest and taxes | 1,220 | |||||
Less: Interest paid | 31 | |||||
Taxable Income | 1,189 | |||||
Less: Taxes | 416 | |||||
Net income | $ 773 | |||||
Galaxy United, Inc. 2008 and 2009 Balance Sheets ($ in thousands) | ||||||
| 2008 | 2009 |
|
| 2008 | 2009 |
Cash | $ 60 | $ 170 |
| Accounts payable | $1,340 | $1,180 |
Accounts rec. | 980 | 840 |
| Long-term debt | 710 | 510 |
Inventory | 1,480 | 1,980 |
| Common stock | $3,130 | $3,427 |
Total | $2,520 | $2,990 |
| Retained earnings | 920 | 1,193 |
Net fixed assets | 3,580 | 3,320 |
|
|
|
|
Total assets | $6,100 | $6,310 |
| Total liab. & equity | $6,100 | $6,310 |
What is the debt-equity ratio for 2009? |
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