Home / Questions / Question Income Statements 2013 2014 Net Sales $1,500,000 $1,800,000 Cost of Goods Sol
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Income Statements
2013 2014
Net Sales $1,500,000 $1,800,000
Cost of Goods Sold 900,000 1,260,000
Gross Profit 600,000 540,000
Marketing 150,000 200,000
General & Administrative 150,000 200,000
Depreciation 53,000 60,000
EBIT 247,000 80,000
Interest 57,000 70,000
Earnings Before Taxes 190,000 10,000
Income Taxes 76,000 4,000
Net Income $114,000 $6,000
Balance Sheets
2013 2014
Cash $40,000 $10,000
Accounts Receivables 260,000 360,000
Inventories 500,000 600,000
Total Current Assets 800,000 970,000
Fixed Assets, Net 400,000 500,000
Total Assets $1,200,000 $1,470,000
Accounts Payable $170,000 $180,000
Accruals 70,000 80,000
Bank Loan 90,000 184,000
Total Current Liabilities 330,000 444,000
Long-Term Debt 400,000 550,000
Common Stock 350,000 350,000
Retained Earnings 120,000 126,000
Total Liab. & Equity $1,200,000 $1,470,000
What is the change (in percentage) in the debt ratio from 2013to 2014?
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