The following information was available for the year ended December 31, 2013: Earnings before interest and taxes (operating income) $ 60,000 Net income $ 35,000 Interest expense 10,000 Total assets at year-end 200,000 Income tax expense 15,000 Total liabilities at year-end 120,000 Calculate the debt ratio at December 31, 2013.

The following information was available for the year ended December 31, 2013: Earnings before interest and taxes (operating income) $ 60,000 Net income $ 35,000 Interest expense 10,000 Total assets at year-end 200,000 Income tax expense 15,000 Total liabilities at year-end 120,000 Calculate the debt ratio at December 31, 2013.

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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