The following data come from the financial records of Perez Corporation for Year 3: Sales. Interest expense Income tax expense Net income $840,000 5,200 26,000 28,500 Required How many times was interest earned in Year 3? (Round your answer to 2 decimal places.) Interest earned 6.48 times

The following data come from the financial records of Perez Corporation for Year 3: Sales. Interest expense Income tax expense Net income $840,000 5,200 26,000 28,500 Required How many times was interest earned in Year 3? (Round your answer to 2 decimal places.) Interest earned 6.48 times

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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Question

The following data come from the financial records of Perez Corporation for Year 3:
Sales
Interest expense
Income tax expense
Net income
$840,000
5,200
26,000
28,500
Required
How many times was interest earned in Year 3? (Round your answer to 2 decimal places.)
Interest earned
6.48 times

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