Question
Husain, Inc.'s income statement and other financial information for the current year is presented below. Hussain, Inc.Income StatementFor the year ended December 31 Sales revenue$249,131Cost
Husain, Inc.'s income statement and other financial information for the current year is presented below.
Hussain, Inc.Income StatementFor the year ended December 31
Sales revenue$249,131Cost of goods sold82,360
Gross profit166,771Selling, general & administrative expenses15,885
Operating income150,886Interest expense5,547
Income before taxes145,339Income tax expense5,214
Net income$140,125
Balance sheet information:Current assets$259,000Noncurrent assets518,000Current liabilities68,000Long-term debt136,000
Using the aboveinformation:
a.Perform vertical analysis of the income statement.(Round your answer to the nearest whole percent.)
b.Calculate the debt-to-assets ratio.(Round your answer to 2 decimal places.)
c.Calculate the times interest earned ratio.(Round your answer to 2 decimal places.)
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