Loomis, Inc. reported the following on the company's income statement in 2016 and 2015: ______________________________________2016....................2015 Interest expense............................$
Question:
Loomis, Inc. reported the following on the company's income statement in 2016 and 2015:
______________________________________2016....................2015
Interest expense............................$ 13,500,000..........$ 16,000,000
Income before income tax expense.......310,500,000...........432,000,000
a. Determine the number of times interest charges were earned for 2016 and 2015. Round to one decimal place.
b. Is the number of times interest charges are earned improving or declining?
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Related Book For 
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
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