Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This is super URGENT pleasee Milton, Inc. provides the following income statement for 2019: Net Sales $240,000 Cost of Goods Sold 110,000 Gross Profit $130,000

image text in transcribed
image text in transcribedThis is super URGENT pleasee
Milton, Inc. provides the following income statement for 2019: Net Sales $240,000 Cost of Goods Sold 110,000 Gross Profit $130,000 Operating Expenses: Selling Expenses 45,000 Administrative Expenses 12,000 Total Operating Expenses 57,000 Operating Income $73,000 Other Income and (Expenses): Loss on Sale of Capital Assets (26,000) Interest Expense (1000 Total Other Income and (Expenses) (27.000) Income Before Income Taxes $46,000 Income Tax Expense 5700 Net Income $40,300 Calculate the times-interest-earned ratio. (Round your answer to two decimal places.) . 73.00 times B. 46.70 times . 40.30 times Calculate the times-interest-earned ratio. (Round your answer to two decimal places.) . 73.00 times . 46.70 times C. 40.30 times D. 46.00 times

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting, Chapters 1-9

Authors: James A. Heintz

20th Edition

0538745223, 9780538745222

More Books

Students also viewed these Accounting questions

Question

Define Administration and Management

Answered: 1 week ago

Question

Define organisational structure

Answered: 1 week ago