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Tech Supplies Company, Incorporated, is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the fiscal year ended February
Tech Supplies Company, Incorporated, is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the fiscal year ended February are shown below.
Tech Supplies Company, Incorporated
Balance Sheet
At February
$ in millions
Assets
Current assets:
Cash and cash equivalents $
Accounts receivable net
Inventory
Other current assets
Total current assets
Longterm assets
Total assets $
Liabilities and Shareholders Equity
Current liabilities:
Accounts payable $
Other current liabilities
Total current liabilities
Longterm liabilities
Shareholders equity
Total liabilities and shareholders equity $
Tech Supplies Company, Incorporated
Income Statement
For the Year Ended February
$ in millions
Revenues $
Costs and expenses
Operating income
Other income expense
Income before income taxes
Income tax expense
Net income $
Footnote asteriskIncludes $ of interest expense.
Required:
a Calculate the current ratio for Tech Supplies for its fiscal year ended February
b Calculate the acidtest ratio for Tech Supplies for its fiscal year ended February
c Calculate the debt to equity ratio for Tech Supplies for its fiscal year ended February
d Calculate the times interest earned ratio for Tech Supplies for its fiscal year ended February
Note: For all requirements, round your answers to decimal places.
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