Ivanhoe Medical Comparative Balance Sheet As of December 31

2020 2019

Assets

Current assets

Cash $359,000 $417,450

Accounts receivable, net 1,014,000 776,400

Inventory 736,000 681,000

Other current assets 381,350 247,000

Total current assets 2,490,350 2,121,850

Property, plant, & equipment, net 8,737,045 8,439,895

Total assets $11,227,395 $10,561,745

Liabilities and Stockholders Equity Current liabilities $3,167,000 $2,846,000

Long-term debt 3,702,600 3,892,600

Total liabilities 6,869,600 6,738,600

Preferred stock, $5 par value 58,950 58,950

Common stock, $0.25 par value 104,650 103,850

Retained earnings 4,194,195 3,660,345

Total stockholders equity 4,357,795 3,823,145

Total liabilities and stockholders equity $11,227,395 $10,561,745

Ivanhoe Medical Comparative Income Statement and Statement of Retained Earnings

For the Year 2020 2019

Sales revenue (all on account) $10,177,200 $9,613,950

Cost of goods sold 5,612,550 5,298,800

Gross profit 4,564,650 4,315,150

Operating expenses 2,840,250 2,634,150

Net operating income 1,724,400 1,681,000

Interest expense 300,400 308,650

Net income before taxes 1,424,000 1,372,350

Income taxes (30%) 427,200 411,705

Net income $996,800 $960,645

Dividends paid Preferred dividends 29,500 29,500

Common dividends 433,450 413,100

Total dividends paid 462,950 442,600

Net income retained 533,850 518,045

Retained earnings, beginning of year 3,660,345 3,142,300

Retained earnings, end of year $4,194,195 $3,660,345

Calculate the following leverage ratios for 2020 a. Debt ratio_________% b. Debt-to-equity ratio ___________ c. Times interest earned ratio___________times