The income statement for

Pennsylvania

Communications follows. Assume

Pennsylvania

Communications signed a three-month,

12%,

$40,000

note on

June

1,

2024,

and that this was the only note payable for the company.

Pennsylvania Communications Income Statement Year Ended July 31, 2024 Net Sales Revenue $32,000Cost of Goods Sold 8,000Gross Profit 24,000Operating Expenses: Selling Expenses$700 Administrative Expenses1,850 Total Operating Expenses 2,550Operating Income 21,450Other Income and (Expenses): Interest Expense? Total Other Income and (Expenses) ?Net Income before Income Tax Expense ?Income Tax Expense 4,130Net Income $ ?

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Requirements

1.

Fill in the missing information for

Pennsylvania'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.