Required: 1-8. Calculate the current ratio for Tech Supplies for its fiscal year ended February 1,...

  

Transcribed Image Text:

Required: 1-8. Calculate the current ratio for Tech Supplies for its fiscal year ended February 1, 2020. 1-b. Calculate the acid-test ratio for Tech Supplies for its fiscal year ended February 1, 2020. 1-c. Calculate the debt to equity ratio for Tech Supplies for its fiscal year ended February 1, 2020. 1-d. Calculate the times interest earned ratio for Tech Supplies for its fiscal year ended February 1, 2020. Note: For all requirements, round your answers to 2 decimal places. 1-a. Current ratio 1-b. Acid-test ratio 1-c. Debt to equity ratio 1-d. Times interest earned ratio 0.93 0.35 15.81 times Tech Supplies Company, Incorporated Income Statement For the Year Ended February 1, 2020 ($ in millions) Revenues Costs and expenses Operating income Other income (expense)* Income before income taxes Income tax expense Net income "Includes $242 of Interest expense. $ 39,618 38,171 1,447 (83) 1,364 773 $ 591 Required: 1-8. Calculate the current ratio for Tech Supplies for its fiscal year ended February 1, 2020. 1-b. Calculate the acid-test ratio for Tech Supplies for its fiscal year ended February 1, 2020. 1-c. Calculate the debt to equity ratio for Tech Supplies for its fiscal year ended February 1, 2020. 1-d. Calculate the times interest earned ratio for Tech Supplies for its fiscal year ended February 1, 2020. Note: For all requirements, round your answers to 2 decimal places. 1-a. Current ratio 1-b. Acid-test ratio 1-c. Debt to equity ratio 1-d. Times interest earned ratio 0.93 0.35 15.81 times Tech Supplies Company, Incorporated Income Statement For the Year Ended February 1, 2020 ($ in millions) Revenues Costs and expenses Operating income Other income (expense)* Income before income taxes Income tax expense Net income "Includes $242 of Interest expense. $ 39,618 38,171 1,447 (83) 1,364 773 $ 591

Answer rating: 100% (QA)

1a Current ratio Current assets Current liabilities To calculate the current ratio we need to first determine the current assets and current liabiliti... View the full answer