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Times-Interest-Earned Tsao Company provided the following income statement for last year: Sales Cost of goods sold Gross margin Operating expenses Operating income $16,850,000 6,500,000
Times-Interest-Earned Tsao Company provided the following income statement for last year: Sales Cost of goods sold Gross margin Operating expenses Operating income $16,850,000 6,500,000 $10,350,000 3,750,000 $6,600,000 Interest expense 600,000 Income before taxes $6,000,000 1,650,000 $4,350,000 Income taxes Net income Required: Calculate the times-interest-earned ratio. Round your answer to one decimal place. times
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Accounting Information Systems
Authors: Marshall B. Romney, Paul J. Steinbart
13th edition
133428532, 978-0133428537
