Compute the times-interest-earned ratios for 2024 and 2023. Begin by selecting the formula to compute the...

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Compute the times-interest-earned ratios for 2024 and 2023. Begin by selecting the formula to compute the times-interest-earned ratio. Times-interest-earned ratio = (Net Income + Income tax expense + Interest expense)+ Interest expense Now, compute the times-interest-earned ratios for 2024 and 2023. (Round your answers to two decimal places, X.XX.) 2024 2023 Times-interest-earned ratio Income Statement Canfield, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 2024 2023 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Income From Operations Interest Expense Income Before Income Tax Income Tax Expense Net Income $ 466,000 $ 422,000 237,000 218,000 229,000 204,000 137,000 135,000 92,000 9,000 83,000 22,000 $ 61,000 $ 69,000 10,000 59,000 24,000 35,000 Balance Sheet Assets Canfield, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 Current Assets: Cash Accounts Receivables, Net Merchandise Inventory Prepaid Expenses Total Current Assets Property, Plant, and Equipment, Net Total Assets $ 90,000 $ 111,000 143,000 19,000 2023 2022" 89,000 115,000 $103,000 161,000 211,000 10,000 363,000 375,000 217,000 179,000 580,000 $ 554,000 $601,000 Liabilities Total Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Preferred Stock, 5% Common Stockholders' Equity, no par Total Liabilities and Stockholders' Equity Selected 2022 amounts $ $ 230,000 $ $23,000 353,000 339,000 110,000 117,000 580,000 $ 240,000 99,000 110,000 105,000 554,000 89,000 Compute the times-interest-earned ratios for 2024 and 2023. Begin by selecting the formula to compute the times-interest-earned ratio. Times-interest-earned ratio = (Net Income + Income tax expense + Interest expense)+ Interest expense Now, compute the times-interest-earned ratios for 2024 and 2023. (Round your answers to two decimal places, X.XX.) 2024 2023 Times-interest-earned ratio Income Statement Canfield, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 2024 2023 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Income From Operations Interest Expense Income Before Income Tax Income Tax Expense Net Income $ 466,000 $ 422,000 237,000 218,000 229,000 204,000 137,000 135,000 92,000 9,000 83,000 22,000 $ 61,000 $ 69,000 10,000 59,000 24,000 35,000 Balance Sheet Assets Canfield, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 Current Assets: Cash Accounts Receivables, Net Merchandise Inventory Prepaid Expenses Total Current Assets Property, Plant, and Equipment, Net Total Assets $ 90,000 $ 111,000 143,000 19,000 2023 2022" 89,000 115,000 $103,000 161,000 211,000 10,000 363,000 375,000 217,000 179,000 580,000 $ 554,000 $601,000 Liabilities Total Current Liabilities Long-term Liabilities Total Liabilities Stockholders' Equity Preferred Stock, 5% Common Stockholders' Equity, no par Total Liabilities and Stockholders' Equity Selected 2022 amounts $ $ 230,000 $ $23,000 353,000 339,000 110,000 117,000 580,000 $ 240,000 99,000 110,000 105,000 554,000 89,000

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Time Interest earned ratio 2024 EBITDA Interest ex... View the full answer