Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 $ 214,131 75,360 138, 771 14,135 124,636 4,497 120,139 4,514 $115,625 Balance sheet information: Current assets Noncurrent assets Current liabilities Long-term debt $255,500 511,000 61,000 122,000 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 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 $ 214,131 Cost of goods sold 75,360 Gross profit 138.771 Selling general, and administrative expenses 14,135 Operating income 124.636 Interest expense 4,497 Income before taxes 120,139 Income tax expense 4,514 Net Income $ 115,625 Required 8 > Complete this question by entering your answers in the tabs below. Required A Required B Required Calculate the debt-to-assets ratio. (Round your answer to 2 decimal places.) Dobt-to-assets Ratio (Required A Required> Complete this question by entering your answers in the tabs below. Required A Required B Required Calculate the times interest earned ratio. (Round your answer to 2 decimal places.) Interest Eamed Ratio

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

English For Accounting And Auditing Students Book

Authors: Dejan Arsenovski

1st Edition

869212253X, 978-8692122538

More Books

Students also viewed these Accounting questions