Balance sheet and income statement data indicate the following: Bonds payable, 10% (due in two years) $937,000 Preferred 5% stock, $1

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Balance sheet and income statement data indicate the following:

Bonds payable, 10% (due in two years) $937,000
Preferred 5% stock, $100 par (no change during year) 243,000
Common stock, $50 par (no change during year) 1,770,000
Income before income tax for year 359,000
Income tax for year 70,000
Common dividends paid 88,500
Preferred dividends paid 12,150

Based on the data presented, what is the times interest earned ratio (rounded to one decimal place)?

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