Balance Sheet 12/31/20xx Current Assets Cash Accounts receivable fess doubtlul a

Question

Balance Sheet 12/31/20xx Current Assets Cash Accounts receivable fess doubtlul accounts) Inventory Current Liabilities Accounts payable 225000Shoft term notes 25009 unent portion of long term notes 18000Interest payable 0 000 Taxes payable Prepaid axpenses Total Current Assets Total Current Liabilities Long-term Liabilities Other longterm lablities Fixed Assets Longteem inyestmerts Land 000Motgage Buildngs less accumulated depreciation) Plant and eqipment 125 0001 Teal Long Term Llabilides Capieal stock Total Shareholders Equity Funiture and fatures Total Net Fised Assets TOTAL ASSETS 159 000 Income Statement For yer ended 12/31/2000X Gross sales $1,000,000 25,000 Net sales Income Statement For yar ended 12/31/200 $1,000,000 25,000 $250,000 600,000 $830,000 2/3,000 $525,000 Total gvodsa Total ce of goods sold Operating Expenses Total seting epenses $110,000 $328,700 161,100 36660 w is tbe correct time hterest eamed? O 205 0 359 49

Explanation / Answer

E.6.99.

times interest earned = net income before taxes and interest / interest expense

=>$71,300 / 10,200

=>6.99.(rounded to two decimals).

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