Sandhill Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow Sandhill Medical Comparative Balance Sheet As of December 31 2016 2015 Asset Current assets Cash Accounts receivable, net Inventory Other current assets $417,400 776,450 681,050 247,050 2,121,950 8,439,965 $11,371,850 $10,561,915 $442,000 1,029,000 704,000 323,000 2,498,000 8,873,850 Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders Equity Current liabilities Long-term debt $3,163,000 3,768,000 6,931,000 52,000 196,000 4,192,850 4,440,850 $11,371,850 $2,846,000 3,892,650 6,738,650 59,000 103,850 3,660,415 3,823,265 $10,561,915 Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Sandhill Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) Cost of goods sold $10,177,300 $9,613,950 5,298,700 5,612,700 Sandhill Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid $10,177,300 $9,613,950 5,298,700 4,315,250 2,634,150 1,681,100 308,650 1,372,450 411,735 $960,715 5,612,700 4,564,600 2,840,250 1,724,350 302,300 1,422,050 426,615 $995,435 Preferred dividends 29,500 413,100 442,600 518,115 3,142,300 $4,192,850 $3,660,415 29,550 433,450 463,000 532,435 3,660,415 Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year Calculate the following leverage ratios for 2016, (Round all answers to 2 decimal places, e.g. 2.55% or 2.55.) a. Debt ratio b. Debt-to-equity ratio c. Times interest earned ratio times Question Attempts: 0 of 3 used