Question
Franco Corporation reports the following selected financial statement information at December 31, 2020: Total Assets $110,000 Total Liabilities 65,000 Net Income 1,800 Interest Revenue 600
Franco Corporation reports the following selected financial statement information at December 31, 2020:
Total Assets $110,000
Total Liabilities 65,000
Net Income 1,800
Interest Revenue 600
Interest Expense 900
Income Tax Expense 300
Calculate the debt to assets ratio and the times interest earned.
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How To Avoid IRS Audits
Authors: Victor S. Sy, CPA, MBA, Allana Santos, Roger Oriel, Louie Gajardo, Malou Aguilar Bledsoe, RJ Oriel, Mark Xavier Bautista, Kenno Samulde, Morton D Rosenthal Esq.
1st Edition
1530746477, 978-1530746477
