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There is no preferred stock and the tax rate is 30%. Calculate each of the following for 2021: (Round answers to 1 decimal place, e.g. 50.1%.) a. b. C. Debt ratio Debt-to-equity ratio Times interest earned ratio % % times

There is no preferred stock and the tax rate is 30%. Calculate each of the following for 2021: (Round answers to 1 decimal place, e.g. 50.1%.) a. b. C. Debt ratio Debt-to-equity ratio Times interest earned ratio % % times

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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Selected information from the comparative financial statements of Cullumber Company for the year ended December 31, appears below: Accounts receivable (net) Inventory Total assets Current liabilities Long-term debt Net credit sales Cost of goods sold Interest expense Income tax expense Net income 2021 $205,000 165,000 1,225,000 165,000 425,450 2020 $225,000 185,000 825,000 135,000 325,000 725,000 555,000 50,000 1,355,000 925,465 75,000 85,400 54,000 177.100 110,000
Transcribed Image Text:Selected information from the comparative financial statements of Cullumber Company for the year ended December 31, appears below: Accounts receivable (net) Inventory Total assets Current liabilities Long-term debt Net credit sales Cost of goods sold Interest expense Income tax expense Net income 2021 $205,000 165,000 1,225,000 165,000 425,450 2020 $225,000 185,000 825,000 135,000 325,000 725,000 555,000 50,000 1,355,000 925,465 75,000 85,400 54,000 177.100 110,000
There is no preferred stock and the tax rate is 30%. Calculate each of the following for 2021: (Round answers to 1 decimal place, e.g. 50.1%) a. b. C. Debt ratio. Debt-to-equity ratio Times interest earned ratio % % times
Transcribed Image Text:There is no preferred stock and the tax rate is 30%. Calculate each of the following for 2021: (Round answers to 1 decimal place, e.g. 50.1%) a. b. C. Debt ratio. Debt-to-equity ratio Times interest earned ratio % % times
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