Question

The income statement for Virginia Communications follows. Assume Virginia Communications signed a 120-day, 6%, $10,000 note on June 1, 2016, and that this L Net Income $5,790 was the only note payable for the company.
Requirements
1. Fill in the missing information for Virginias year ended July 31, 2016, income statement.
2. Compute the times-interest-earned ratio for the company.


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  • CreatedJune 15, 2015
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