A company reports the following: Income before income tax $314,340 Interest expense 50,700 Determine the times...
A company reports the following:
| Income before income tax | $314,340 | |
| Interest expense | 50,700 |
Determine the times interest earned. Round your answer to one decimal place.
Homework Answers
Answer-Times interest earned ratio = 7.2 times.
Explanation-Times interest earned ratio= Income before Interest & Taxes(EBIT)/Interest expenses
= ($314340+$50700)/$50700
= $365040/$50700
= 7.2 times
Add Answer to:
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Times interest earned
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statement in two recent years:
Current
Year
Prior
Year
Interest expense
$425,000
$467,500
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6,587,500
6,872,250
a. Determine the number of times interest charges were earned for current Year and prior Year. Round to one decimal place. Current Year Prior Year b. Is the number of times interest charges are earned improving or declining?
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statement in two recent years:
Current
Year
Prior
Year
Interest expense
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$467,500
Income before income tax expense
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