The income statement for Ray Company for the year ended December 31, 2013, appears below.
*Includes $30,000 of interest expense and $18,000 of income tax expense.
Additional information:
Required: Compute the following ratios for 2013:

Question

The income statement for Ray Company for the year ended December 31, 2013, appears below.
  *Includes $30,000 of interest expense and $18,000 of income tax expense.
Additional information:
  Required: Compute the following ratios for 2013:

Quizplus · Accepted Answer

The Answer of The income statement for Ray Company for the year ended December 31, 2013, appears below.
  *Includes $30,000 of interest expense and $18,000 of income tax expense.
Additional information:
  Required: Compute the following ratios for 2013:

The Income Statement for Ray Company for the Year Ended