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Long-Term Solvency Ratios Summary data from year-end financial statements of Palm Springs Company for the...

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Accounting

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Long-Term Solvency Ratios Summary data from year-end financial statements of Palm Springs Company for the current year follow Summary Income Statement Data Sales $10,500,600 Cost of goods sold 6,050,000 Selling expenses 685,000 Administrative expenses 945,000 Interest expense 783,500 Income tax expense 427,791 8,891,291 Net income $1,609,309 Summary Balance Sheet Data Cash $84,700 Total liabilities $749,700 Noncash assets 885,500 Stockholders' equity 220,500 Total assets $970,200 Total liabilities and equity $970,200 Round answers to one decimal place. a. Compute the ratio of times interest-earned, b. Compute the debt-to-equity ratio. 0 times 0

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