Husain, Inc.s income statement and other financial information for the current year is presented below....
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Accounting
Husain, Inc.s income statement and other financial information for the current year is presented below.
| Hussain, Inc. | ||||
| Income Statement | ||||
| For the year ended December 31 | ||||
| Sales revenue | $ | 164,131 | ||
| Cost of goods sold | 65,360 | |||
| Gross profit | 98,771 | |||
| Selling, general and administrative expenses | 11,635 | |||
| Operating income | 87,136 | |||
| Interest expense | 2,997 | |||
| Income before taxes | 84,139 | |||
| Income tax expense | 3,514 | |||
| Net income | $ | 80,625 | ||
| Balance sheet information: | |||
| Current assets | $ | 250,500 | |
| Noncurrent assets | 501,000 | ||
| Current liabilities | 51,000 | ||
| Long-term debt | 102,000 | ||
Required:
- Perform vertical analysis of the income statement.
- Calculate the debt-to-assets ratio.
- Calculate the times interest earned ratio.
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