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Problem 10-237 [LO 10-05) 37 Consider the following information: Book $ 22,100 162, 100 92,800 122,800 50,000 $449,800 Print Gil's Fish and Tackle, Inc. Balance
Problem 10-237 [LO 10-05) 37 Consider the following information: Book $ 22,100 162, 100 92,800 122,800 50,000 $449,800 Print Gil's Fish and Tackle, Inc. Balance Sheet At December 31, 2018 Assets Cash Accounts Receivable (less allowance) Inventorien Property, plant and Equipment Long-term Investments Total Assets Liabilities Accounts Payable Current Portion of Long-Term Debt Long-Term Notes Payable Total Liabilities Stockholders' Equity Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 50,200 70,200 107.000 227,400 rences 140,000 82,400 222,400 $449,800 Gil's Fish and Tackle, Ine. Income Statement For the year ending December 31, 2018 Sales Revenue $2,825,000 Operating Expenses Salaries and Wages Expense 1,868,500 Operating and Admin. Expenses 292,700 Depreciation Expense 342,000 Operating Expenses 2,503,200 Operating Income 321,800 Other Expenses Interest Expense 16.050 Income Before Income Tax Expense 305, 750 Income Tax Expense 113,128 Net Income $ 192,622 Required: Calculate the debt-to-assets ratio and the times interest earned. (Round your answers to :
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