The income statement for Illinois Communications follows. Assume Illinois Communications signed a $120-$day, $6\%,$$$8,000$ note on June $1,2016,$ and that this was the only note payable for the company. $($Click the icon to view the income statement.$)$

Requirements

Fill in the missing information for Illinois's year ended July $31,2016,$ income statement.

Compute the times$-$interest$-$earned ratio for the company.

Sales Revenue

Less: Sales Returns and Allowances

Sales Discounts

Net Sales Revenue

Cost of Goods Sold

Gross Profit

Operating Expenses:

Selling Expenses

Administrative Expenses

Total Operating Expenses

Operating Income

Other Revenues and $($Expenses$)$:

Interest Expense

Total Other Revenues and $($Expenses$)$

Net Income before Income Tax Expense

Income Tax Expense

Net Income

$$,34,000$

$(5,000)$

$(2,800)$

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