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Gil's Fish and Tackle, Inc. Balance Sheet At December 31, 2016 Assets Cash Accounts Receivable (less allowance) Inventories Property, Plant and Equipment Long-term Investments $23,600
Gil's Fish and Tackle, Inc. Balance Sheet At December 31, 2016 Assets Cash Accounts Receivable (less allowance) Inventories Property, Plant and Equipment Long-term Investments $23,600 172,950 109,250 162,800 90,000 Total Assets $558,600 Liabilities Accounts Payable Current Portion of Long-Term Debt Long-Term Notes Payable $ 52,200 73,000 115,000 Total Liabilities 240,200 Stockholders' Equity Contributed Capital Retained Earnings 220,000 98,400 Total Stockholders' Equity 318,400 Total Liabilities and Stockholders' Equity $558,600 Gil's Fish and Tackle, Inc. Income Statement For the year ending December 31, 2016 Sales Revenue $ 2,945,000 Operating Expenses Salaries and Wages Expense Operating and Admin. Expe Depreciation Expense 1,904,500 304,700 355,200 Operating Expenses 2,564,400 Operating Income Other Expenses Interest Expense 380,600 17,250 Income Before Income Tax Expense Income Tax Expense 363,350 134,440 Net Income $ 228,910 Required: Calculate the debt-to-assets ratio and the times interest earned for the following company. (Round your answers to 2 decimal places.) Debt-to-assets ratio 0 0 Times Interest Earned
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