Husain, Inc.'s income statement and other financial information for the current year is presented below. Hussain,...

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Husain, Inc.s income statement and other financial information for the current year is presented below. Hussain, Inc. Income

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Answer 1

Answer #1

Answer of Part a: HUSAIN INC Income Statement For the Year Ended December 31 Amount % Sales Revenue Cost of Goods Sold Gross

Answer of Part b:

Total Debt = Current Liabilities + Long term Debt
Total Debt = $64,000 + $128,000
Total Debt = $192,000

Total Asset = Current Assets + Noncurrent Assets
Total Asset = $257,000 + $514,000
Total Assets = $771,000

Total Debt to Asset Ratio = Total Debt / Total Assets
Total Debt to Asset Ratio = $192,000 / $771,000
Total Debt to Asset Ratio = 0.25

Answer of Part c:

Times interest Earned Ratio = Operating Income / Interest Expense
Times Interest Earned Ratio = $135,886 / $4,947
Times Interest Earned Ratio = 27.47

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Answer 2

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