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Please solve asap!! The financial statements of Burnaby Mountain Trading Company are shown below. Income Statement 2020 Sales Cost of Goods Sold Gross Profit Selling
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The financial statements of Burnaby Mountain Trading Company are shown below. Income Statement 2020 Sales Cost of Goods Sold Gross Profit Selling and Administrative Expenses EBIT Interest Expense Income before Tax Taxes Net Income $ 7,000,000 5,000,000 $ 2,000,000 1,700,000 $ 300,000 50,000 $ 250,000 100,000 $ 150,000 Burnaby Mountain Trading Company Comparative Balance Sheets 2020 Cash $ 90,000 Accounts Receivable 810,000 Inventory 800,000 Total Current Assets $ 1,700,000 Fixed Assets 2,600,000 Total Assets $ 4,300,000 Accounts Payable $ 500,000 Bank Loans 100, eee Total Current Liabilities $ 600,000 Long-term Bonds 400,000 Total Liabilities $ 1, , Common Stock (200,000 shares) 500,000 Retainded Earnings 2,800,000 Total Equity $ 3,300,000 2019 $ 80,000 800,000 720, eee $ 1,600,000 2,400,000 $ 4, , $ 400,000 100,000 $ 5 , 300,000 $ 800,000 5 , 2,700,000 $ 3,200,000 Total Assets Accounts Payable Bank Loans Total Current Liabilities Long-term Bonds Total Liabilities Common Stock (200,000 shares) Retainded Earnings Total Equity Total Liabilities and Equity $ 4,300,000 $ 500,000 100,000 $ 600,000 400,000 $ 1,000,000 500,000 2,800,000 $ 3,300,000 $ 4,300,000 $ 4,000,000 $ 400,000 100,000 $ 500,000 300,000 $ 800,000 500,000 2,700,000 $ 3,200,000 $ 4,000,000 Note: The common shares are trading in the stock market for $27 each. Refer to the financial statements of Burnaby Mountain Trading Company. The firm's leverage ratio for 2020 is Step by Step Solution
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