Homework Help is Here – Start Your Trial Now!
Business
Accounting
Requirement 1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar. (Use a 12-month year for interest computations. Use a minus sign or parentheses to enter other expenses.) Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Utah Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses $ 690 1,700 $ 30,000 (10,800) 19,200 (2,390) Operating Income Other Income and (Expenses): Interest Expense Total Other Income and (Expenses) Net Income before Income Tax Expense Income Tax Expense Net Income Requirement 2. Compute the times-interest-earned ratio for the company. Round to two decimals. 16,810 0:00 (3,080)

Requirement 1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar. (Use a 12-month year for interest computations. Use a minus sign or parentheses to enter other expenses.) Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Utah Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses $ 690 1,700 $ 30,000 (10,800) 19,200 (2,390) Operating Income Other Income and (Expenses): Interest Expense Total Other Income and (Expenses) Net Income before Income Tax Expense Income Tax Expense Net Income Requirement 2. Compute the times-interest-earned ratio for the company. Round to two decimals. 16,810 0:00 (3,080)

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...
See similar textbooks
icon
Related questions
Question
The income statement for Utah Communications follows. Assume Utah Communications signed a three-month, 12%, $70,000 note on June 1, 2024, and that this was the only note payable for the company. (Click the icon to view the income statement.) Requirements 1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar. 2. Compute the times-interest-earned ratio for the company. Round to two decimals. Requirement 1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar. (Use a 12-month year for interest computations. Use a minus sign or parentheses to enter other expenses.) Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Utah Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Expense Total Other Income and (Expenses) Net Income before Income Tax Expense Income Tax Expense Net Income $ 690 1,700 $ 30,000 (10,800) 19,200 (2,390) 16,810 (3,080) Requirement 2. Compute the times-interest-earned ratio for the company. Round to two decimals.
Transcribed Image Text:The income statement for Utah Communications follows. Assume Utah Communications signed a three-month, 12%, $70,000 note on June 1, 2024, and that this was the only note payable for the company. (Click the icon to view the income statement.) Requirements 1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar. 2. Compute the times-interest-earned ratio for the company. Round to two decimals. Requirement 1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar. (Use a 12-month year for interest computations. Use a minus sign or parentheses to enter other expenses.) Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Utah Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Expense Total Other Income and (Expenses) Net Income before Income Tax Expense Income Tax Expense Net Income $ 690 1,700 $ 30,000 (10,800) 19,200 (2,390) 16,810 (3,080) Requirement 2. Compute the times-interest-earned ratio for the company. Round to two decimals.
The income statement for Utah Communications follows. Assume Utah Communications signed a three-month, 12%, $70,000 note on June 1, 2024, and that this was the only note payable for the company. (Click the icon to view the Requirements 1. Fill in the missing inform 2. Compute the times-inte Requirement 1. Fill in the mi parentheses to enter other ex Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Ye Selling Expenses Administrative Expen Total Operating Expe Operating Income Other Income and (Expenses Interest Expense Total Other Income a Net Income before Income T Income Tax Expense Net Income Requirement 2. Compute the Data table Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Utah Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Expense Total Other Income and (Expenses) Net Income before Income Tax Expense Income Tax Expense Net Income Print Done 690 1,700 ? LA 27450 22 23 125 30,000 10,800 19,200 2,390 16,810 ? 3,080 $? - X - a 12-month year for interest computations. Use a minus sign or 202405 ING
Transcribed Image Text:The income statement for Utah Communications follows. Assume Utah Communications signed a three-month, 12%, $70,000 note on June 1, 2024, and that this was the only note payable for the company. (Click the icon to view the Requirements 1. Fill in the missing inform 2. Compute the times-inte Requirement 1. Fill in the mi parentheses to enter other ex Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Ye Selling Expenses Administrative Expen Total Operating Expe Operating Income Other Income and (Expenses Interest Expense Total Other Income a Net Income before Income T Income Tax Expense Net Income Requirement 2. Compute the Data table Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Utah Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Expense Total Other Income and (Expenses) Net Income before Income Tax Expense Income Tax Expense Net Income Print Done 690 1,700 ? LA 27450 22 23 125 30,000 10,800 19,200 2,390 16,810 ? 3,080 $? - X - a 12-month year for interest computations. Use a minus sign or 202405 ING
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS