PLEASE CALCULATE NET INCOME AND TIMES-INTEREST-EARNED RATIO AND PROVIDE ANSWERS TO THE 4 MISSING BLANKS

Homework: 7.4-Homework: MyAccountingLab Homework 7 Score: 1.67 of 10 pts &P11-34B (similar to) The income statement for Virginia Communications follows. Assume Virginia Communications signed a 120-day, 6%, $7,000 note on June 1 2016 and that this was the only note payable for the comp 5 of 13 (6 complete) HW Scor (Click the icon to view the income statement.) Requirements 1. Fill in the missing information for Virginia's year ended July 31, 2016, income statement. 2. Compute the times-interest-earned ratio for the company. Requirement 1. Fill in the missing information for Virginia's year ended July 31, 2016, income statement. (Use a 360-day year for interest computations. Use a minus sign or parentheses to enter othe Virginia Communications Income Statement Year Ended July 31, 2016 Sales Revenue $ 29,000 (4,500) (3,300) Less: Sales Returns and Allowances Sales Discounts Net Sales Revenue Cost of Goods Sold Gross Profit $ 21,200 (10,800) 10,400 Enter any number in the edit fields and then click Check