Question
The Bedford Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current
The Bedford Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year.
End of current year
End of prior
year
Net sales revenue(all credit)
$1,220,000
Cost of goods sold
$725,000
Gross profit
$495,000
Selling/general expenses
$280,000
Interest expense
$ 46 comma 000
$46,000
Net Income
$ 169 comma 000
$169,000
Current assets
$113,000
$82,000
Longminus
term assets
$512,000
$440,000
Total assets
$625,000
$522,000
Current liabilities
$57,000
$52,000
Longminus
term liabilities
$275,000
$245,000
Commonstockholders' equity
$293,000
$225,000
Total liabilities andstockholders' equity
$625,000
$522,000
Inventory and prepaid expenses account for$30,000 of the currentyear's current assets.
Average inventory for the current year is$36,250.
Average net accounts receivable for the current year is$45,000.
There are35,000 shares of common stock outstanding.
Total dividends paid during the current year were$17,000.
The market price per share of common stock is$20.
What is the timesminus
interestminus
earned ratio for the currentyear?
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Management Accounting Information for creating and managing value
Authors: Kim Langfield Smith, David Smith, Paul Andon, Ronald Hilton, Helen Thorne
8th edition
9781760420413 , 978-1760420406
