Question: Please explain the solution to this general accounting problem with accurate principles. The following information was available for the year ended December 31, 2024: .

Please explain the solution to this general accounting problem with accurate principles.

The following information was available for the year ended December 31, 2024: . Earnings before interest and taxes (EBIT): $85,000 . Interest expense: $17,000 . Income tax expense: $22,000 . Net income: $46,000 . Total assets at year-end: $300,000 . Total liabilities at year-end: $180,000 Required: a. Calculate the debt ratio at December 31, 2024. b. Calculate the debt/equity ratio at December 31, 2024. c. Calculate the times interest earned for the year ended December 31, 2024

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