The balance sheet for Altoid Co. is shown below. AT TOTD CO. Balance sheet At December 31, 2021 points 260 750 850 1,000 1, 120 $ 3,980 8 0156: Short-term investments Accounts receivable (nat) Inventory Property, plant, and equipment (net) Total assets Liabilities and shareholders' equity! Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and shareholders' equity $1,000 1. 150 700 1,130 $ 3,980 Selected 2021 income statement information for Altold Co. Includes: Net Sales Operating expenses Income before interest and tax Interest expense Income tax expense Net income $8,800 7,560 1.226 140 330 $ 770 Required: Compute the following financial statement ratios for 2021: Altold Co.'s times interest earned ratio. (Round your answer to 2 decimal places.) Times interest eamed ratio Somerset Leasing received $36,000 for 12 months' rent in advance. How should Somerset record this transaction? Multiple Choice Prepaid rent Rent expense 16,000 p6,000 Interest expense Interest payable 36,000|| $6,000 Cash 36,000 Deferred rent revenue 36,000 On November 10 of the current year, Flores Mills sold carpetto a customer for $8,600 with credit terms 2/10, 1/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date? Multiple Choice O Cash Sales discounts Accounts receivable 0,600 Cash Accounts receive 18,428 18.428 18.600l Cash Sales discounts Accounts receivable Sales 8.600 Cash Sales Accounts receivable 10.600