Question
15) Loomis, Inc, reported the following on the company's income statement in two recent years. Current yearPrior year Interest expense$13,5000,000$16,000,000 Income before income tax expense310,500,000432,000,000
15) Loomis, Inc, reported the following on the company's income statement in two recent years.
Current yearPrior year
Interest expense$13,5000,000$16,000,000
Income before income tax expense310,500,000432,000,000
a.Determine the times interest earned ratio for the current year and the prior year, round to one decimal place.
b.B. Is the ratio improving or declining?
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Horngrens Accounting
Authors: Tracie L. Miller nobles, Brenda L. Mattison, Ella Mae Matsumura
12th edition
9780134487151, 013448715X, 978-0134674681
