Sales $24,350,735 Cost of goods sold 15,300,000 Gross margin $9,050,735 Operating expenses 4,910,685 Operating income $4,140,050 Interest expense 498,015 Income before taxes $3,642,035 Income taxes 1,461,214 Net income $2,180,821 Required: Calculate the times-interest-earned ratio. Round the answer to one decimal place. times
Sales $24,350,735 Cost of goods sold 15,300,000 Gross margin $9,050,735 Operating expenses 4,910,685 Operating income $4,140,050 Interest expense 498,015 Income before taxes $3,642,035 Income taxes 1,461,214 Net income $2,180,821 Required: Calculate the times-interest-earned ratio. Round the answer to one decimal place. times
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5.1BE: Gross profit During the current year, merchandise is sold for 18,300 cash and 295,700 on account....
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