Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 9-2 Times interest earned [LO 5] The following data come from the financial records of Bynum Corporation for 2011. Sales $140,000 Interest expense 4,100
Exercise 9-2 Times interest earned [LO 5]
The following data come from the financial records of Bynum Corporation for 2011. |
Sales | $140,000 |
Interest expense | 4,100 |
Income tax expense | 23,500 |
Net income | 29,000 |
Required: |
How many times was interest earned in 2011? (Round your answer to 2 decimal places.) |
Interest earned | times |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started