Homework Answers
ANSWER:
Times interest earned during the year ended
(1)
Dec 31, 2016
Interest amount = ($1320000 + $270000) x 10% = $159000
Therefore,
times interest eared = $159000/($461100 + $159000)
= 3.9 times
(2)
Dec 31, 2015
Interest amount = ($1650000 + $280000) x 10% = $193000
Therefore,
times interest eared = $193000/($405300 + $193000)
= 3.1 times
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