Wildhorse Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $367,000 $ 417,500 Accounts receivable, net 1,026,000 776,450 717,000 681,000 381,350 247,100 Inventory Other current assets Total current assets Property, plant, & equipment, net 2,491,350 2,122,050 8,767,005 8,439,995 Total assets $ 11,258,355 $ 10,562,045 Liabilities and Stockholders' Equity Current liabilities Long-term debt $ 3.198,000 $ 2,846,100 3,702,650 3,892,600 6,900,650 6,738,700 58,950 58,900 Total liabilities Preferred stock. $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity 104.700 103,850 4,194,055 3,660,595 4,357,705 3,823,345 Total liabilities and stockholders' equity $ 11,258,355 $ 10,562,045 Wildhorse Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 $ 10,177,200 $ 9,613,950 5,613,250 5,298,800 4,563,950 4,315,150 Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense 2,840,250 2,634,200 1,723,700 1,680.950 300,400 308,600 Net income before taxes 1,423,300 1,372,350 426,990 411,705 $ 996,310 $ 960,645 29,500 29,450 Income taxes (309) Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year 433,350 413.000 462,850 442.450 533.460 518,195 3,660,595 3,142,400 $4,194,055 $3,660,595 Calculate the following leverage ratios for 2020. (Round all answers to 2 decimal places, eg 2.55% or 2.55.) 96 a. Debt ratio b. Debt-to-equity ratio times c. Times interest earned ratio