Koester, Inc. Comparative Income Statement For the Year Ended December 31 2020 2019 2018 Sales revenue $5,179,016 $5.102,786 $4,960,100 Cost of goods sold 2,806,148 2,692,061 2,530,617 Gross profit 2,372,868 2,410,725 2.429,483 Operating expenses 1,708,339 1,679,908 1,643,773 Operating income 664,529 730,817 785,710 Interest expense, net 42,279 58,081 61,611 Other non-operating (income), net (29,799) (23,518) (16,755) Income before income tax 652,049 696,254 740,854 Income tax expense 235,030 123,531 203,222 Net income $417,019 $572,723 $537,632 Assets Cash Koester, Inc. Comparative Balance Sheet As of December 31 2020 2019 $997,734 $1,156,835 Assets Koester, Inc. Comparative Balance Sheet As of December 31 2020 2019 Cash $997,734 $1,156,835 Accounts receivable (net) 760,643 759,033 Inventory 376,897 418,633 Prepaid expenses and other current assets 277,226 302,649 Total current assets 2,412.500 2,637.150 Property, plant, & equipment (net) 547,104 586,526 Other assets 1.412.709 1,532,816 Total Assets $4,372,313 $4,756,492 Liabilities and Stockholders' Equity Short-term borrowings- $117,994 $28,995 Current portion of long-term debt 100,000 189,130 Accounts payable 265,936 349.159 Accrued expenses 796,473 880,038 Income taxes payable 182,782 279,849 Total current liabilities 1,463,185 1,727,171 Long-term debt 525,000 400,000 Other 282,395 243,509 Total noncurrent liabilities 807,395 643,509 Stockholders' Equity Common stock $1.00 par value 441.369 441.369 Total noncurrent liabilities 807,395 643,509 Stockholders' Equity Common stock, $1.00 par value 441,369 441,369 Additional paid-in capital 1,589,281 1,594,332 Treasury stock (935,711) (473,349) Retained earnings Total stockholders' equity 1,006,794 823,460 2,101,733 2,385.812 Total Liabilities and Stockholders' Equity $4,372,313 $4,756,492 (e) Assess Koester's leverage. Debt ratio 2019 2020 % Debt-to-equity ratio (Round answers to 2 decimal places, eg. 52.75.) 2019 2020 Times-interest-earned ratio (Round answers to 2 decimal places, e.g. 52.75.) 2018 2019 2020