Question: Presented here are summarized data from the balance sheets and income statements of Wiper Inc.: WIPER INC. Condensed Balance Sheets December 31, 2020, 2019, 2018

Presented here are summarized data from the balance sheets and income statements of Wiper Inc.:

WIPER INC.
Condensed Balance Sheets
December 31, 2020, 2019, 2018
(in millions)
2020 2019 2018
Current assets $ 764 $ 981 $ 843
Other assets 2,424 1,931 1,730
Total assets $ 3,188 $ 2,912 $ 2,573
Current liabilities $ 588 $ 841 $ 734
Long-term liabilities 1,582 1,034 910
Stockholders equity 1,018 1,037 929
Total liabilities and stockholders' equity $ 3,188 $ 2,912 $ 2,573

WIPER INC.
Selected Income Statement and Other Data
For the year Ended December 31, 2020 and 2019
(in millions)
2020 2019
Income statement data:
Sales $ 3,061 $ 2,924
Operating income 307 321
Interest expense 95 76
Net income 224 219
Other data:
Average number of common shares outstanding 42.4 47.8
Total dividends paid $ 61.0 $ 53.4

I am needing to calculate the times interest earned ratio for 2020 and 2019?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!