Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
The income statement for illinois communications follows. Assume illinois communications signed a three-month, 6%, $50,000 note on June 1, 2024, and that this was the
The income statement for illinois communications follows. Assume illinois communications signed a three-month, 6%, $50,000 note on June 1, 2024, and that this was the only note payable for the company.REQUIREMENTS: 1) Fill in the missing info for the illinois's year ended July 31,2024, income statement. Round to the nearest dollar. 2) compute the times-interest-earned ratio for the company. Round to two decimals.
Data table Illinois Communications Income Statement Year Ended July 31, 2024 Net Sales Revenue $ 26.000 Cost of Goods Sold 9,000 Gross Profit 17.000 Operating Expenses: Selling Expenses S 750 Administrative Expenses 1,500 Total Operating Expenses 2.250 Drint Dona 14.750 Operating Income Other Income and (Expenses); Interest Expense Total Other Income and (Expenses) Net Income before Income Tax Expense Drint Dane Data table Interest Expense ? Total Other Income and (Expenses) ? Net Income before Income Tax Expense ? Income Tax Expense 2,850 $? Net Income
REQUIREMENTS:
1) Fill in the missing info for the illinois's year ended July 31,2024, income statement. Round to the nearest dollar.
2) compute the times-interest-earned ratio for the company. Round to two decimals.
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669bd3a7434c8_294669bd3a6d4976.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669bd3a7e0919_295669bd3a77dd10.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669bd3a885d69_296669bd3a822d9b.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669bd3a91ee4e_296669bd3a8b9650.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started