Precision Tools2021 Income StatementNet salesLess: Cost of goods soldLess: DepreciationEarnings before interest and taxesLess: Interest paid$36,40828,2251,7606,4235105,913Taxable IncomeLess: Taxes2.070$3.843Net IncomePrecision Tools 2020 and 2021 Balance Sheets2020202120202021$Cash2,0601,003Accounts7,2508,384payableAccounts3,4114,218receivable21.90827,129Inventory18,77624,24717,5003.825Common stockRetainedearningsTotal liability &15,000Net fixed assets14,16014.0806.357Total assets38.40741,20938,40741,209equityWhat is the times interest earned ratio for 2021?

Formula: Times interest earned ratio = Earnings before interest and taxes / Interest expense

Precision Tools 2021 Income Statement Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes Less: Interest paid Taxable Income $36,408 28,225 1.760 6,423 510 5,913 Less: Taxes 2.070 $3.843 Net Income Precision Tools 2020 and 2021 Balance Sheets 2020 2021 2020 2021 $ 24 Cash 2,060 1,003 Accounts 7,250 8,384 payable Accounts 3,411 4,218 receivable

Precision Tools 2021 Income Statement Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes Less: Interest paid Taxable Income $36,408 28,225 1.760 6,423 510 5,913 Less: Taxes 2.070 $3.843 Net Income Precision Tools 2020 and 2021 Balance Sheets 2020 2021 2020 2021 $ 24 Cash 2,060 1,003 Accounts 7,250 8,384 payable Accounts 3,411 4,218 receivable

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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