Beech Company provided the following income statement for last year: Sales............. $ 24,350,735 Cost of goods sold...........15,300,000
Question:
Beech Company provided the following income statement for last year:
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 expenses............................ 487,015
Net income before taxes....... $ 3,653,035
Income taxes............. 1,461,214
Net income............ $ 2,191,821
Required:
Calculate the times-interest-earned ratio. Round the answer to one decimal place.
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Related Book For
Cornerstones of Managerial Accounting
ISBN: 978-0324660135
3rd Edition
Authors: Mowen, Hansen, Heitger
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