Wild horse Medical Comparative Income Stateme nt and Statement of Retained Eamings For the Year 2020 2019 Sales revenue {all on account] $10.1??200 $9,613,900 Cost of goods sold 5 .613500 5,298,?00 Gross prot 4.563.700 4,315,200 Operating expenses 2 .3402 50 2,634,100 Net operating income 1.723.450 1,68 1,100 Interest expo nse 300.350 308,200 Net income before taxes 1.423.100 1,372,400 Income taxes [30%) 426.930 411,300 Net income $996.1?0 $960,680 Dividends paid Preferred dividends 29.450 2 9,450 Common dividends 433.400 413,100 Total dividends paid 462.550 442,550 Net income retained 533.320 518,130 Retained earnings. begi nning of year 3.660.430 3,142,350 Retained earnings. end of year {54.193800 $ 3,660,480 Calculate the following leverage ratios for 2020. (Roundaiianswars ta 2 decimal places, 23. 2.55% or 2.55J a. Debt ratio 96 b. Debt-to-equ ity' ratio c Times interest earned ratio times Wildhorse Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Wildhorse Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $381,000 $417,400 Accounts receivable, net 1,003,000 776,400 Inventory 741,000 681,050 Other current assets 381.350 247,050 Total current assets 2,506,350 2,121,900 Property, plant, & equipment, net 8,750,700 8,439,930 Total assets $11,257,050 $10,561,830 Liabilities and Stockholders' Equity Current liabilities $3,197,000 $2,846,050 Long-term debt 3,702,600 3,892,600 Total liabilities 6,899,600 6,738,650 Preferred stock, $5 par value 58,950 58,900 Common stock, $0.25 par value 104,700 103,800 Retained earnings 4,193,800 3,660,480 Total stockholders' equity 4,357,450 3,823,180 Total liabilities and stockholders' equity $11,257,050 $10,561,830