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ences Costs and expenses Operating income. Other income (expense) * Income before income taxes Income tax expense Net income *Includes $125 of interest expense. Required: 1-a. 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 1.13 38,158 1,395 (70) 1,325 578 $ 747 times

ences Costs and expenses Operating income. Other income (expense) * Income before income taxes Income tax expense Net income *Includes $125 of interest expense. Required: 1-a. 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 1.13 38,158 1,395 (70) 1,325 578 $ 747 times

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...
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ences Costs and expenses Operating income. Other income (expense) * Income before income taxes Income tax expense Net income *Includes $125 of interest expense. Required: 1-a. 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 1.13 38,158 1,395 (70) 1,325 578 $ 747 times
Transcribed Image Text:ences Costs and expenses Operating income. Other income (expense) * Income before income taxes Income tax expense Net income *Includes $125 of interest expense. Required: 1-a. 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 1.13 38,158 1,395 (70) 1,325 578 $ 747 times
S Tech Supplies Company, Incorporated, is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the fiscal year ended February 1, 2020, are shown below. Tech Supplies Company, Incorporated Balance Sheet At February 1, 2020 ($ in millions) Assets Current assets: Cash and cash equivalents Accounts receivable (net) Inventory Other current assets Total current assets. Long-term assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Other current liabilities Total current liabilities. Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity 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 $ 39,553 38,158 1,395 (70) 1,325 578 $ 747 $ 2,026 1,187 5,056 402 8,671 3,658 $ 12,329 $ 4,700 2,975 7,675 2,226 2,428 $ 12,329
Transcribed Image Text:S Tech Supplies Company, Incorporated, is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the fiscal year ended February 1, 2020, are shown below. Tech Supplies Company, Incorporated Balance Sheet At February 1, 2020 ($ in millions) Assets Current assets: Cash and cash equivalents Accounts receivable (net) Inventory Other current assets Total current assets. Long-term assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Other current liabilities Total current liabilities. Long-term liabilities Shareholders' equity Total liabilities and shareholders' equity 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 $ 39,553 38,158 1,395 (70) 1,325 578 $ 747 $ 2,026 1,187 5,056 402 8,671 3,658 $ 12,329 $ 4,700 2,975 7,675 2,226 2,428 $ 12,329
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