value: 5.00 points Consider the following information Gil\'s Fish and Tackle, In

Question

value: 5.00 points Consider the following information Gil's Fish and Tackle, Inc. Balance Sheet At December 31, 2016 Assets Cash Accounts Receivable (less allowance) S 21,750 159,450 88,600 112,800 40,000 Property, Plant and Equipment Long-term Investments Total Assets $422,600 Liabilities Accounts Payable Current Portion of Long-Term Debt Long-Term Notes Payable S 49,700 69,500 105,000 Total Liabilities 224,200 Stockholders' Equity Contributed Capital Retained Earnings 120,000 78,400 Total Stockholders' Equity 198,400 Total Liabilities and Stockholders' Equity $422,600

Explanation / Answer

Debt to Asset Ratio              0.53 Times Interest Earned             19.50 Working: Debt to Asset Ratio = Total Liabilities/Total Assets = $ 2,24,200 / $ 4,22,600 =              0.53 Times Interest Earned   = Earning Before Interest and Taxes/Interest expenses = (291350+15750)/15750 =           19.50

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