Question
The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Line Item Description Current Year Previous
The following data were taken from the financial statements of Hunter Inc. for December 31 of two recent years: Line Item Description Current Year Previous Year Accounts payable $737,000 $198,000 Current maturities of serial bonds payable 450,000 450,000 Serial bonds payable, 10% 1,830,000 2,280,000 Common stock, $1 par value 80,000 110,000 Paid-in capital in excess of par 950,000 950,000 Retained earnings 3,280,000 2,600,000 The income before income tax expense was $866,400 and $758,100 for the current and previous years, respectively.
Determine the times interest earned ratio for both years. Round your answers to one decimal place.
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