The following data come from the financial records of Fargo Corporation for 2018: Sales................................................................$640,000 Interest expense......................................................6,000 Income

Question:

The following data come from the financial records of Fargo Corporation for 2018:

Sales................................................................$640,000

Interest expense......................................................6,000

Income tax expense................................................12,000

Net income...........................................................42,000

Required

How many times was interest earned in 2018?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...