Question
Loomis, Inc., reported the following on the companys income statement in two recent years: Current Year Prior Year Interest expense $426,000 $468,600 Income before income
Loomis, Inc., reported the following on the companys income statement in two recent years:
| Current Year | Prior Year | |||
| Interest expense | $426,000 | $468,600 | ||
| Income before income tax expense | 6,645,600 | 6,700,980 | ||
a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place.
| Current year | fill in the blank 1 |
| Prior year | fill in the blank 2 |
b. Is this ratio improving or declining?
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Energy Audit Of Building Systems An Engineering Approach
Authors: Moncef Krarti
2nd Edition
1439828717, 978-1439828717
