How do I calculate times interest earned here? Fiscal year ended(in millions)Sept. 24, 2016Sept. 26, 2015Net sales $ 215,639 $ 233,715Cost of sales131,376140,089Gross margin84,26393,626Operating expenses Research and development10,0458,067Selling, general and administrative14,19414,329Total operating expenses24,23922,396Operating income60,02471,230Interest and dividend income3,9992,921Interest expense (1,456)(733)Other expense, net(1,195)(903)Income before provision for income taxes61,37272,515Provision for income taxes15,68519,121Net income $ 45,687 $ 53,394

Income before interest and tax expense = Net income + Interest Expense + Tax expense Sept. 24, 2016…

Answered: How do I calculate times interest…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.4.2MBA: Return on assets The following data (in millions) were adapted from recent financial statements of...

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How do I calculate times interest earned here?


	Fiscal year ended
(in millions)	Sept. 24, 2016	Sept. 26, 2015
Net sales	$ 215,639	$ 233,715
Cost of sales	131,376	140,089
Gross margin	84,263	93,626
Operating expenses
Research and development	10,045	8,067
Selling, general and administrative	14,194	14,329
Total operating expenses	24,239	22,396
Operating income	60,024	71,230
Interest and dividend income	3,999	2,921
Interest expense	(1,456)	(733)
Other expense, net	(1,195)	(903)
Income before provision for income taxes	61,372	72,515
Provision for income taxes	15,685	19,121
Net income	$ 45,687	$ 53,394

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