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Calculate financial leverage measures The following information was available for the year ended December 31, 2013:
Earnings before interest and taxes (operating income)
$60,000
Net income
$ 35,000
Total assets at year-end
200,000
Interest expense
10,000
Total liabilities at year-end
120,000
Income tax expense
15,000
Required:
a. Calculate the debt ratio at December 31, 2013.
b. Calculate the debt/equity ratio at December 31, 2013.
c. Calculate the times interest earned for the year ended December 31, 2013.
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