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Surf's Up, a manufacturer of surfing supplies and training equipment, has the following selected data ($ in millions): Surf's Up Selected balance sheet data Total assets Total liabilities 2021 2020 $747 $738 $618 $520 Total stockholders' equity $129 $218 Surf's Up Selected income statement data 2021 Sales revenue $815 Interest expense $17 Tax expense 34 Net income 56 Based on these amounts, calculate the following ratios for 2021: 1) Debt to Equity Ratio. 2) Return on Assets Ratio. 3) Times Interest Earned Ratio.

Surf's Up, a manufacturer of surfing supplies and training equipment, has the following selected data ($ in millions): Surf's Up Selected balance sheet data Total assets Total liabilities 2021 2020 $747 $738 $618 $520 Total stockholders' equity $129 $218 Surf's Up Selected income statement data 2021 Sales revenue $815 Interest expense $17 Tax expense 34 Net income 56 Based on these amounts, calculate the following ratios for 2021: 1) Debt to Equity Ratio. 2) Return on Assets Ratio. 3) Times Interest Earned Ratio.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Surf's Up, a manufacturer of surfing supplies and training equipment, has the following selected data ($ in millions): Surf's Up Selected balance sheet data Total assets Total liabilities 2021 2020 $747 $738 $618 $520 Total stockholders' equity $129 $218 Surf's Up Selected income statement data 2021 Sales revenue $815 Interest expense $17 Tax expense 34 Net income 56 Based on these amounts, calculate the following ratios for 2021: 1) Debt to Equity Ratio. 2) Return on Assets Ratio. 3) Times Interest Earned Ratio.
Transcribed Image Text:Surf's Up, a manufacturer of surfing supplies and training equipment, has the following selected data ($ in millions): Surf's Up Selected balance sheet data Total assets Total liabilities 2021 2020 $747 $738 $618 $520 Total stockholders' equity $129 $218 Surf's Up Selected income statement data 2021 Sales revenue $815 Interest expense $17 Tax expense 34 Net income 56 Based on these amounts, calculate the following ratios for 2021: 1) Debt to Equity Ratio. 2) Return on Assets Ratio. 3) Times Interest Earned Ratio.
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