Question 3. Consider the following information: Gil's Fish and Tackle, Incorporated Balance Sheet At December 31, 2021 Assets Cash $ 22,200 Accounts Receivable (less allowance) 169,100 Inventories 68,300 Property, Plant and Equipment 102,800 Long-term Investments 30,000 Total Assets $ 392,400 Liabilities Accounts Payable $ 49,200 Current Portion of Long-Term Debt 68,800 Long-Term Notes Payable 100,000 Total Liabilities 218,000 Stockholders' Equity Contributed Capital 100,000 Retained Earnings 74,400 Total Stockholders Equity 174,400 Total Liabilities and Stockholders Equity $ 392,400 Gil's Fish and Tackle, Incorporated Income Statement For the year ending December 31, 2021 Sales Revenue $ 2,765,000 Operating Expenses Salaries and Wages Expense 1,850,500 Operating and Administrative Expenses 286,700 Depreciation Expense 335,400 Operating Expenses 2,472,600 Operating Income 292,400 Other Expenses Interest Expense 17,000 Income Before Income Tax Expense 275,400 Income Tax Expense 103,800 Net Income $ 171,600 Required: a. Calculate the debt-to-assets ratio. b. Describe what the debt-to-assets ratio tells you and how to interpret it. c. Calculate the times interest earned. d. Comment on the results of your times interest earned analysis.