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Question - Kahluha Manufacturers Inc. reported the following information in its financial statements.
KAHLUHA MANFACTURERS INC. Statement of Financial Position June 30
Assets
2023
2022
Cash
$32,000
$29,000
Accounts receivable
7,500
5,500
Prepaid Insurance
1,100
1,450
Inventory
220,000
175,000
Building
145,000
155,000
Equipment
36,000
40,000
Total Assets
$441,600
$405,950
Liabilities and shareholders' equity
Accounts Payable
$12,500
$14,500
Notes Payable
10,000
0
Bonds Payable
95,000
Long-Term Debt
116,000
Common shares
25,000
Retained earnings
133,100
96,450
Total liabilities and shareholders' equity
Revenue
$450,000
$300,000
Operating expenses
300,000
210,000
Income from operations
150,000
90,000
Interest expense
6,000
9,000
Income tax expense
20,250
Net income
$108,000
$60,750
Required -
(a) Calculate the company's debt to total assets and times interest earned ratios for each year.
(b) Determine if the change from 2022- 2023 is an improvement or deterioration.
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