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 $427,7918,891,291$

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. Answer

times

b$.$ Compute the debt$-$to$-$equity ratio. Answer