Problems 1-4 use the following balance sheet and income statement data: Got It Right Corporation Balance Sheets as of December 31, PY and CY PY CY $ Assets Current assets Cash Accounts receivable Inventory Total Fixed Assets Net plant and equipment Total Assets 11,686 $ 69,178 61,815 142,679 12,676 78,100 76,423 167,199 547,499 650,998 690,178 $818,197 $ Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in capital Retained Earnings Total Total liabilities and owners' equity 48,600 $ 139,494 188,094 130,000 57,289 144,701 201,990 125,000 110,000 262,084 372,084 690,178 $ 110,000 381,207 491,207 818,197 Got It Right Corporation Income Statement for CY Sales Cost of Good Sold Depreciation Earnings Before Interest & Taxes Interest Paid Taxable income Tax Rate Taxes Net Income $ 864,500 432,900 81,000 350,600 24,065 326,535 40% 130,614 $ 195,921 Dividends Addition to Retained Earnings 76,798 119,123 Problem 3: Calculate the following Long-term solvency ratios for Got It Right (Use year-end figures rather than average values when appropriate) 3a. The Total Debt Ratio for the year PY is _times. 3a. Points: 2 3b. The Debt-Equity Ratio for the year PYis times, 3b. Points: 2 30. The Equity Multiplier for the year PY is _times. 3c. Points: 2 34 The Times Interest Earned Ratio for the year CY is times. 3d. Points: 2 times 3e. The Cash coverage ratio for the year CY is 3e. Points: 2