The income statement for Utah Communications follows. Assume Utah Communications signed a three-month, 12%, $70,000 note on June 1, 2024, and that this was the only note payable for the company.(Click the icon to view the income statement.)Requirements1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar.2. Compute the times-interest-earned ratio for the company. Round to two decimals.Requirement 1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar. (Use a 12-month year for interest computations. Use a minus sign orparentheses to enter other expenses.)Net Sales RevenueCost of Goods SoldGross ProfitOperating Expenses:Utah CommunicationsIncome StatementYear Ended July 31, 2024Selling ExpensesAdministrative ExpensesTotal Operating ExpensesOperating IncomeOther Income and (Expenses):Interest ExpenseTotal Other Income and (Expenses)Net Income before Income Tax ExpenseIncome Tax ExpenseNet Income$6901,700$30,000(10,800)19,200(2,390)16,810(3,080)Requirement 2. Compute the times-interest-earned ratio for the company. Round to two decimals. The income statement for Utah Communications follows. Assume Utah Communications signed a three-month, 12%, $70,000 note on June 1, 2024, and that this was the only note payable for the company.(Click the icon to view theRequirements1. Fill in the missing inform2. Compute the times-inteRequirement 1. Fill in the miparentheses to enter other exNet Sales RevenueCost of Goods SoldGross ProfitOperating Expenses:YeSelling ExpensesAdministrative ExpenTotal Operating ExpeOperating IncomeOther Income and (ExpensesInterest ExpenseTotal Other Income aNet Income before Income TIncome Tax ExpenseNet IncomeRequirement 2. Compute theData tableNet Sales RevenueCost of Goods SoldGross ProfitOperating Expenses:Utah CommunicationsIncome StatementYear Ended July 31, 2024Selling ExpensesAdministrative ExpensesTotal Operating ExpensesOperating IncomeOther Income and (Expenses):Interest ExpenseTotal Other Income and (Expenses)Net Income before Income Tax ExpenseIncome Tax ExpenseNet IncomePrintDone6901,700?LA2745022 2312530,00010,80019,2002,39016,810?3,080$?- X-a 12-month year for interest computations. Use a minus sign or202405 ING

The income statement is one of the financial statements of the business. It records the revenue and…

Requirement 1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar. (Use a 12-month year for interest computations. Use a minus sign or parentheses to enter other expenses.) Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Utah Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses $ 690 1,700 $ 30,000 (10,800) 19,200 (2,390) Operating Income Other Income and (Expenses): Interest Expense Total Other Income and (Expenses) Net Income before Income Tax Expense Income Tax Expense Net Income Requirement 2. Compute the times-interest-earned ratio for the company. Round to two decimals. 16,810 0:00 (3,080)

Requirement 1. Fill in the missing information for Utah's year ended July 31, 2024, income statement. Round to the nearest dollar. (Use a 12-month year for interest computations. Use a minus sign or parentheses to enter other expenses.) Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Utah Communications Income Statement Year Ended July 31, 2024 Selling Expenses Administrative Expenses Total Operating Expenses $ 690 1,700 $ 30,000 (10,800) 19,200 (2,390) Operating Income Other Income and (Expenses): Interest Expense Total Other Income and (Expenses) Net Income before Income Tax Expense Income Tax Expense Net Income Requirement 2. Compute the times-interest-earned ratio for the company. Round to two decimals. 16,810 0:00 (3,080)

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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