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The Sanchez Company reported the following: Year 3 Year 2 Year 1 Revenue 32,000 28,000 26,000 Cost of goods sold 28,400 25,600 22,500 Cash 3,200
The Sanchez Company reported the following:
Year 3 | Year 2 | Year 1 | |||
Revenue | 32,000 | 28,000 | 26,000 | ||
Cost of goods sold | 28,400 | 25,600 | 22,500 | ||
Cash | 3,200 | 2,920 | 3,500 | ||
Net income | 3,558 | 2,340 | 3,465 | ||
Accounts receivable | 640 | 710 | 600 | ||
Notes payable | 18,000 | 21,000 | 19,000 | ||
Inventory | 1,700 | 2,020 | 1,800 | ||
Tax expense | 30 | 40 | 20 | ||
Equipment | 18,800 | 19,400 | 20,000 | ||
Interest expense | 12 | 20 | 15 | ||
Accounts payable | 1,200 | 900 | 1,000 |
What is the company's times interest earned ratio for year 3? Round your final answer to one decimal place.
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