Refer to the following selected financial information from Gomez Electronics. Compute the company's times interest earned for Year 2. Year 2 $479,000 276,400 9,800 67,350 Net sales Cost of goods sold Interest expense Net income before tax Net income after tax Total assets Total liabilities Total equity 46,150 317,300 180,900 136,400 Year 1 $426,350 250,220 10,800 52,780 40,000 288,600 167,400 121, 200

Refer to the following selected financial information from Gomez Electronics. Compute the company's times interest earned for Year 2. Year 2 $479,000 276,400 9,800 67,350 Net sales Cost of goods sold Interest expense Net income before tax Net income after tax Total assets Total liabilities Total equity 46,150 317,300 180,900 136,400 Year 1 $426,350 250,220 10,800 52,780 40,000 288,600 167,400 121, 200

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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Refer to the following selected financial information from Gomez Electronics. Compute the company's profit margin for Year 2. Net sales Cost of goods sold Interest expense Net income before tax Net income after tax Total assets Total liabilities Total equity Year 2 Year 1 $485,000 $427,550 277,600 251,420 11,000 12,000 68,550 53,980 47,350 41, 200 319,700 295,800 174,900 144, 800 168, 600 127, 200
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