For 2019, Corn Flake Corporation reported net income of $300,000. Interest expense was $40,000 and income taxes

Question:

For 2019, Corn Flake Corporation reported net income of $300,000. Interest expense was $40,000 and income taxes were $100,000. The times interest earned was:

(a) 3 times.

(b) 4.4 times.

(c) 7.5 times.

(d) 11 times.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9781119298229,9781119305842

10th Edition

Authors: Jerry J. Weygandt , Donald E. Kieso , Paul D. Kimmel

See More Books

Question Posted: Feb 27, 2024 03:03 AM

See More Questions

For 2014, Corn Flake Corporation reported net income of $300,000. Interest expense was $40,000 and income taxes were $100,000. The times interest earned ratio was: (a) 3 times. (b) 4.4 times. (c) 7.5...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
Carol Harris, Ph.D, CPA, is a single taxpayer and she lives at 674 Yankee Street, Durham, NC 27409. Her Social Security number is 793-52-4335. Carol is an Associate Professor of Accounting at a local...
At December 31, 2016, Pioneer Corporation reported the stockholders' equity accounts shown here (with dollar amounts in millions, except per-share amounts). Common stock $3.00 par value per share, 22...
At the end of the year, the Long Life Bulb Company announced that it had produced a gross profit of $1,000,000. The company has also established that over the course of this year it has incurred...
Kerosene with a specific weight of 50.0 lb/ft 3 is flowing at 10 gal/min from a standard 1-in Schedule 40 steel pipe to a standard 2-in Schedule 40 steel pipe. Calculate the difference in pressure in...
Photolithography plays a central role in manufacturing integrated circuits made on thin disks of silicon. Prior to a quality-improvement program, too many rework operations were required. In a sample...
What are the competitive implications for firms if they assume that all potential exchange partners cannot be trusted?
What emerging trends in bioprocessing are reshaping the field, such as single-use technologies, advanced bioreactors, or automation, and how do they influence the future of biomanufacturing ?
On December 31, Hurley Corporation issues $500,000, 5-year, 12% bonds at 96 with interest payable on December 31, 2019. The entry on December 31, 2020, to record payment of bond interest and the...
Howard Corporation issued a 20-year mortgage note payable on January 1, 2019. At December 31, 2019, the unpaid principal balance will be reported as: (a) a current liability. (b) a long-term...
Two square plates, with the sides a and b (and b > a), are coaxial and parallel to each other, as shown in Fig. P21133, and they are separated by a center-to-center distance of L. The radiation view...
Without using row reduction, apply block operation on A to compute its inverse. [1 2000 3 50 00 A=0 0 2 00 0007 8 0 0056
CHC50121- CHCECE048 Plan and Implement Children's Education and Care Curriculum a. For this principle provide an example in relation to how educators show respect in their relationships with...
On January 1, 20X1, Deseret Company had 190,000 shares of common stock outstanding. On October 1, 20X1, an additional 70,000 shares of common stock were issued for cash. Deseret also had 2,000,000 of...
The essay must be focused on a policy of your choice aimed at mitigating/helping to reduce/stopping some form of criminal activity. The policy may be one that is expected to affect crime indirectly....
Current Attempt in Progress The Bramble manufactures double-sided pens-a pen on one side, a highlighter on the other. As the accounting manager, Shade is responsible for presenting three different...
How does one compute the interest revenue to be recognized on a debt security if the effective-interest method is being used?
The 2017 financial statements of the U.S. government are available at: https://www.fiscal.treasury.gov/fsreports/rpt/finrep/fr/fr_index.htm Use these to answer the following questions: a. Statement...
Rory Kalur established Computers 4Less on February 1, 2012. The effect of each transaction and the balances after each transaction for February are shown below. Instructions1. Prepare an income...
Before inventory purchases are recorded, the receiving report should be reconciled to what documents?
Before inventory purchases are recorded, the receiving report should be reconciled to what documents?
f(x) is a differentiable periodic function of period 2. The Fourier series for its derivative f'(x) is 1 (13) ^nsin (nx). (a) Find the Fourier series for f(x) if (0) = 2. (Hint: geometric series.)...
Think about TWO clients with different needs and describe their situation. For each one, select a range of current resources available for providing information, advice or guidance within a specific...
As a project manager, you encounter a problem that will affect the project delivery date. You need to raise the issue to project stakeholders. How should you best communicate the problem to...

For 2019, Corn Flake Corporation reported net income of $300,000. Interest expense was $40,000 and income taxes

Question:

Step by Step Answer:

d Times interest earned Net income In...View the full answer

Financial Accounting

Students also viewed these Business questions