fitips.// ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https Ch 13: Quiz 11 Required Information [The following information applies to the questions displayed below.] Part 1 01 3 Income statements for the current year and one year ago, follow. Assume that all sales are on credit. For Year Ended December 31 Current Year 1 Year Ago Sales $ 570,860 $ 456,479 7.14 Cost of goods sold $ 348,225 $ 292, 811 points Other operating expenses 176, 967 113, 971 Interest expense 9,705 10,361 Income tax expense 7,421 6, 757 00:27:02 Total costs and expenses 542, 318 423,906 Net income $ 28,542 $ 26,579 Earnings per share $ 1.76 $ 1.64 Year-end balance sheets follow. At December 31 Current Year - 1 Year Ago|2 Years Ago Assets Cash 25,908 $ 30,890 31, 868 Accounts receivable, net 73, 588 54. 587 43 , 341 Inventory 92, 523 70, 733 46, 624 Prepaid rent 8,260 8, 109 3,505 Machinery, net 238, 844 214. 235 196 562 Total assets $ 439, 123 $ 378,554 $ 321,900 Liabilities and Equity Accounts payable $ 112 622 $ 63, 976 $ 43, 341 Long-term notes payable 82, 55S 84 455 78. 429 Common stock 162, 500 162.506 162, 506 Retained earnings 81, 446 67,623 45.636 Total liabilities and equity $ 439, 123 $ 378, 554 $ 321, 908 (1) Compute debt-to-equity ratio for the current year and one year ago Debt-To-Equity Ratio Choose Numerator Choose Denominator. Debt-to-equity ratio Current Year to 1 1 Year Ago to 1