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Balance sheet and income statement data indicate the following: Bonds payable, 6 % (issued 2000, due 2020) $1,200,000 Preferred 8% stock, $100 par (no change during the year) 200,000 Common stock, $50 par (no change during the year) 1,000,000 Income before income tax for year 340,000 Income tax for year 80,000 Common dividends paid -60,000 Preferred dividends paid 16,000 Based on the data presented above, what is the number of times bond interest charges were earned (round to two decimal places)? Answer: 5.72 6.83 4.72 -4.83

Balance sheet and income statement data indicate the following: Bonds payable, 6 % (issued 2000, due 2020) $1,200,000 Preferred 8% stock, $100 par (no change during the year) 200,000 Common stock, $50 par (no change during the year) 1,000,000 Income before income tax for year 340,000 Income tax for year 80,000 Common dividends paid -60,000 Preferred dividends paid 16,000 Based on the data presented above, what is the number of times bond interest charges were earned (round to two decimal places)? Answer: 5.72 6.83 4.72 -4.83

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Balance sheet and income statement data indicate the following: Bonds payable, 6% (issued 2000, due 2020) $1,200,000 Preferred 8% stock, $100 par (no change during the year) 200,000 Common stock, $50 par (no change during the year) 1,000,000 Income before income tax for year 340,000 Income tax for year 80,000 Common dividends paid 60,000 Preferred dividends paid 16,000 Based on the data presented above, what is the number of times bond interest charges were earned (round to two decimal places)? Answer: 5.72 6.83 4.72 4.83
Transcribed Image Text:Balance sheet and income statement data indicate the following: Bonds payable, 6% (issued 2000, due 2020) $1,200,000 Preferred 8% stock, $100 par (no change during the year) 200,000 Common stock, $50 par (no change during the year) 1,000,000 Income before income tax for year 340,000 Income tax for year 80,000 Common dividends paid 60,000 Preferred dividends paid 16,000 Based on the data presented above, what is the number of times bond interest charges were earned (round to two decimal places)? Answer: 5.72 6.83 4.72 4.83
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