The income statement for Utah Communications follows. Assume Utah Communications signed a 120-day, 12%, $4,000 note on June 1, 2016, and that this was the only note payable for the company.

Requirements
1. Fill in the missing information for Utah€™s year ended July 31, 2016, income statement.
2. Compute the times-interest-earned ratio for the company.

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UTAH COMMUNICATIONS Income Statement Year Ended July 31, 2016 $33,000 5,100 2,900 Sales Revenue Less: Sales Returns and Allowances Sales Discounts Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses 25,000 9,000 16,000 Selling Expenses Administrative Expenses Total Operating Expenses 730 1,500 2,230 13,770 Operating Income Other Revenues and (Expenses) Interest Expense Total Other Revenues and (Expenses) Net Income before Income Tax Expense Income Tax Expense Net Income 2,740