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Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,500 10,000 Cost of goods sold (5,500) (5,200) Gross profit 5,000 4,800 Selling and administrative expenses (2,800) (2,700) Income from operations 2,200 2,100 Interest expense (300) (250) Income before income taxes 1,900 1,850 Income tax expense (420) (400) Net income 1,480 1,450

Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,500 10,000 Cost of goods sold (5,500) (5,200) Gross profit 5,000 4,800 Selling and administrative expenses (2,800) (2,700) Income from operations 2,200 2,100 Interest expense (300) (250) Income before income taxes 1,900 1,850 Income tax expense (420) (400) Net income 1,480 1,450

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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Calculate the times-interest-earned ratio for Smith & Sons, Inc., for 2015 and 2016. Round answers to two decimal places.

Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,500 10,000 Cost of goods sold (5,500) (5,200) Gross profit 5,000 4,800 Selling and administrative expenses (2,800) (2,700) Income from operations 2,200 2,100 Interest expense (300) (250) Income before income taxes 1,900 1,850 Income tax expense (420) (400) Net income 1,480 1,450
Transcribed Image Text:Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,500 10,000 Cost of goods sold (5,500) (5,200) Gross profit 5,000 4,800 Selling and administrative expenses (2,800) (2,700) Income from operations 2,200 2,100 Interest expense (300) (250) Income before income taxes 1,900 1,850 Income tax expense (420) (400) Net income 1,480 1,450
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