Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me solve this!! The income statement for Ohio Communications follows. Assume Ohio Communications signed a three-month, 9%. 580.000 note on June 1, 2024,

please help me solve this!!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The income statement for Ohio Communications follows. Assume Ohio Communications signed a three-month, 9%. 580.000 note on June 1, 2024, and that this was the only note payable for the company. Click the icon to view the income statement.) Requirements 1. Fill in the missing information for Ohio's year ended July 31, 2024, income statement. Round to the nearest dollar. 2. Compute the timesinterest-eamed ratio for the company. Round to two decimals. Requirement 1. Fill in the missing information for Ohio's year ended July 31, 2024, income statement. Round to the nearest dollar. (Use a 12-month year for interest computations. Use a minus sign or parentheses to enter other expenses.) nata tahla Year Ended July 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit $9,000(13,200)15,800 Operating Expenses: Selling Expenses Administrative Expenses Operating Income \begin{tabular}{rr} $740 & \\ 1,850 & \\ \( {(2,590)} \\ {\hline} &{13,210} \) \end{tabular} Other Income and (Expenses): Interest Expense Total Other Income and (Expenses) Net Income before income Tax Expense Income Tax Expense Net Income Requirement 2. Compute the times-interest-earned ratio for the company. Round to two decimals. Select the formula and enter the amounts to compute the times-interest-earned ratio. (Round your answer to two decimal places, X. XX.) Times-interest-earned ratio =

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Clinical Audit In Oral Pathology Laboratory A Wide Range Of Quality Improvement

Authors: Rudra Bhardwaj, Narendra Nath Singh, Sherin Nair

1st Edition

3330343052, 978-3330343054

More Books

Students also viewed these Accounting questions

Question

Define Administration?

Answered: 1 week ago

Question

4. What are the current trends in computer software platforms?

Answered: 1 week ago