Below is summarized financial information for Laramie Industries. December 31, 2022 December 31, 2021 Total assets $408,000

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Below is summarized financial information for Laramie Industries.

December 31, 2022 December 31, 2021

Total assets $408,000 $391,000

Total liabilities 239,088 217,005

Interest expense 27,900 18,000

Income tax expense 99,000 94,000

Net income 308,870 292,000

(a) Calculate the ratio of debt to total assets for 2021 and 2022.

(b) Calculate the ratio of interest earned to 2021 for 2021 and 2022.

Related Book For answer-question

Financial Reporting Financial Statement Analysis and Valuation a strategic perspective

ISBN: 978-1337614689

9th edition

Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

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Posted Date: May 03, 2023 07:24 AM

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Below is summarized financial information for Laramie Industries. December 31, 2022 December 31, 2021 Total assets $408,000

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Financial Reporting Financial Statement Analysis and Valuation a strategic perspective

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