Gil\'s Fish and Tackle, Ind. Balance Sheet At December 31, 2016 Assets Cash Acco

Question

Gil's Fish and Tackle, Ind. Balance Sheet At December 31, 2016 Assets Cash Accounts Receivable (less allowance) Inventories Property, Plant and Equipment Long-term Investments $ 28,100 205,800 151,100 272,800 200,000 Total Assets $857,800 Liabilities Accounts Payable Current Portion of Long-Term Debt Long-Term Notes Payable 57,700 80,700 137,000 Total Liabilities 275,400 Stockholders' Equity Contributed Capital Retained Earnings 440,000 142,400 Total Stockholders' Equity 582,400 Total Liabilities and Stockholders' Equity $857,800 Gil's Fish and Tackle, Ind. Income Statement For the year ending December 31, 2016 Sales Revenue $ 3,275,000 Operating Expenses Salaries and Wages Expense Operating and Admin. Expenses Depreciation Expense 2,003,500 337,700 391,500 Operating Expenses 2,732,700 542,300 Operating Income Other Expenses Interest Expense 20,550

Explanation / Answer

Debt to assets ratio = (total liabilities/total assets)*100 = (275400/857800)*100 = 32.11%

Times interest earned = EBIT / interest expense = 542300/20550 = 26.39 times

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