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Category > Accounting Posted 19 Aug 2017 My Price 8.00

Paxton Company

Cornerstone Exercise 16-16             Calculating the Times-Interest-Earned Ratio

Paxton Company provided the following income statement for last year:

 

 

Sales

$ 87,021,000

Cost of goods sold

(62,138,249)

Gross margin

$ 24,882,751

Operating expenses

(19,371,601)

Operating income

$   5,511,150

Interest expense

(875,400)

Income before taxes

$   4,635,750

Income taxes

(1,854,300)

Net income

$   2,781,450

Required:

Calculate the times-interest-earned ratio. (Note: Round the answer to one decimal place.)

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 03:08 PM My Price 8.00

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