Sales $24,350,735 Cost of goods sold 15,300,000 Gross margin $9,050,735 Operating expenses 4,910,685 Operating income $4,140,050 Interest expense 498,015 Income before taxes $3,642,035 Income taxes 1,461,214 Net income $2,180,821 Required: Calculate the times-interest-earned ratio. Round the answer to one decimal place. times

Sales $24,350,735 Cost of goods sold 15,300,000 Gross margin $9,050,735 Operating expenses 4,910,685 Operating income $4,140,050 Interest expense 498,015 Income before taxes $3,642,035 Income taxes 1,461,214 Net income $2,180,821 Required: Calculate the times-interest-earned ratio. Round the answer to one decimal place. times

Fundamentals of Financial Management (MindTap Course List)

15th Edition

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Eugene F. Brigham, Joel F. Houston

Chapter4: Analysis Of Financial Statements

Section: Chapter Questions

Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...

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