Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: WIPER INC.Condensed Balance SheetsDecember 31, 2020, 2019, 2018(in millions) 202020192018Current assets$679 $898 $743 Other assets 2,414 1,921 1,720 Total assets$3,093 $2,819 $2,463 Current liabilities$563 $804 $711 Long-term liabilities 1,522 988 833 Stockholders’ equity 1,008 1,027 919 Total liabilities and stockholders' equity$3,093 $2,819 $2,463 WIPER INC.Selected Income Statement and Other DataFor the year Ended December 31, 2020 and 2019(in millions) 20202019Income statement data: Sales$3,051 $2,914 Operating income 297 311 Interest expense 85 66 Net income 194 189 Other data: Average number of common shares outstanding 41.4 46.8 Total dividends paid$51.0 $52.4 Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2020 and 2019.

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Description: Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: WIPER INC.Condensed Balance SheetsDecember 31, 2020, 2019, 2018(in millions) 202020192018Current assets$679 $898 $743 Other assets 2,414 1,921 1,720 Tot

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.2C

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Presented here are summarized data from the balance sheets and income statements of Wiper Inc.:

WIPER INC.
Condensed Balance Sheets
December 31, 2020, 2019, 2018
(in millions)
	2020	2019	2018
Current assets	$	679		$	898	$	743
Other assets		2,414			1,921		1,720
Total assets	$	3,093		$	2,819	$	2,463
Current liabilities	$	563		$	804	$	711
Long-term liabilities		1,522			988		833
Stockholders’ equity		1,008			1,027		919
Total liabilities and stockholders' equity	$	3,093		$	2,819	$	2,463

WIPER INC.
Selected Income Statement and Other Data
For the year Ended December 31, 2020 and 2019
(in millions)
	2020	2019
Income statement data:
Sales	$	3,051	$	2,914
Operating income		297		311
Interest expense		85		66
Net income		194		189
Other data:
Average number of common shares outstanding		41.4		46.8
Total dividends paid	$	51.0	$	52.4

Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2020 and 2019.

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