Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Husain, Inc.'s income statement and other financial information for the current year is presented below. Hussain, Inc. Income Statement For the year ended December 31
Husain, Inc.'s income statement and other financial information for the current year is presented below. Hussain, Inc. Income Statement For the year ended December 31 Sales revenue Cost of goods sold Gross profit Selling, general and administrative expenses Operating income Interest expense Income before taxes Income tax expense Net income $264, 131 85,360 178, 771 16,635 162,136 5,997 156,139 5,514 $150,625 Balance sheet information: Current assets Noncurrent assets Current liabilities Long-term debt $260,500 521,000 71,000 142,000 Required: a. Perform vertical analysis of the income statement. b. Calculate the debt-to-assets ratio. c. Calculate the times interest earned ratio. Complete this question by entering your answers in the tabs below. Required A Required B Required C Perform vertical analysis of the income statement. (Round your answers to the nearest whole percent.) HUSSAIN, INC. Income Statement For the year ended December 31 Amount Percent (%) Sales revenue $264,131 Cost of goods sold 85,360 Gross profit 178,771 Selling, general, and administrative expenses 16,635 Operating income 162,136 Interest expense 5,997 Income before taxes 156,139 Income tax expense 5,514 Net income $ 150,625 Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate the times interest earned ratio. (Round your answer to 2 decimal places.) Interest Earned Ratio Required B Required )
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