The income statement for

Utah

Communications follows. Assume

Utah

Communications signed a three-month,

9%,

$110,000

note on

June

1,

2024,

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

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Requirements

1.	Fill in the missing information for Utah'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.

Requirement 1. Fill in the missing information for

Utah's

year ended

July

31,

2024,

income statement. Round to the nearest dollar. (Use a 12-month year for interest computations. Use a minus sign or parentheses to enter other expenses.)

		Utah Communications
		Income Statement
		Year Ended July 31, 2024
Net Sales Revenue				$34,000
Cost of Goods Sold				(10,800)
Gross Profit				23,200
Operating Expenses:
	Selling Expenses		$700
	Administrative Expenses		1,800
	Total Operating Expenses			(2,500)
Operating Income				20,700
Other Income and (Expenses):
	Interest Expense
	Total Other Income and (Expenses)
Net Income before Income Tax Expense
Income Tax Expense				(3,810)
Net Income