Problem of Financial Accounting: In recent year Mey Corporation had net income of $750,000, interest expense of $150,000, and a times interest earned ratio of 9. What was Mey Corporation's income before taxes for the year?

Solution

Sprout Company reported the following on the company's income statement in two recent years:       Current Year     Prior Year Interest expense $510,000   $480,000   Income before income tax expense 5,610,000   6,720,000   a.  Determine the times interest earned ratio for the current year and the prior year. Current year   Prior Year   b.  Is the times interest earned ratio improving or declining?

. Great Products, Inc. reported the following on the company’s income statement in two recent years:Current Year Prior YearInterest Expense $270,000 $250,000Income before income tax expense 4,212,000 3,450,000a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place. b. Is the times interest earned ratio improving or declining?

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Loomis, Inc. reported the following on the company’s income statement in two recent years: Please see the image for details: a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place.b. Is this ratio improving or declining?

Loomis, Inc. reported the following on the company's income statement in two recent years: Current Year Prior Year $ 13,500,000 Interest expense $ 16,000,000 Income before income tax expense 432,000,000 310,500,000 a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place. Is this ratio improving or declining? b.

In the recent year Hill Corporation had net income of $140,000, interest expense of $40,000, and tax expense of $20,000. What was Hill Corporation's times interest earned ratio for the year? Select one: О а. 4.0 O a. ОБ. 3.5 Ob. 3.0 d. 5.0

Given answer Accounting

From the following information for BlueInks Corporation, compute the rate of return on assets. Hint: The numerator is income before interest expense and taxes.  Net income $40,878 Total assets at beginning of year $250,100 Total assets at end of year $158,680 a. 15% b. 25% c. 16% d. 20%