The following data were taken from the financial records of Glum Corporation for 20X1:SalesBond interest expenseIncome taxesNet income$3,600,000120,000350,0001,050,000Required:How many times was bond Interest earned in 20X1? (Round your answer to 2 decimal places.)Interest coveragetimes On January 1, 20X1, River Company's Inventory was $400,000. During 20X1, the company purchased $1,900,000 of additionalInventory, and on December 31, 20X1, Its Inventory was $500,000.Required:What was the Inventory turnover for 20X1?Inventory turnovertimes

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The following data were taken from the financial records of Glum Corporation for 20X1: Sales Bond interest expense Income taxes Net income $3,600,000 120,000 350,000 1,050,000 Required: How many times was bond Interest earned In 20X1? (Round your answer to 2 decimal places.) Interest coverage times

The following data were taken from the financial records of Glum Corporation for 20X1: Sales Bond interest expense Income taxes Net income $3,600,000 120,000 350,000 1,050,000 Required: How many times was bond Interest earned In 20X1? (Round your answer to 2 decimal places.) Interest coverage 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 were taken from the financial records of Glum Corporation for 20X1:
Sales
Bond interest expense
Income taxes
Net income
$3,600,000
120,000
350,000
1,050,000
Required:
How many times was bond Interest earned in 20X1? (Round your answer to 2 decimal places.)
Interest coverage
times

On January 1, 20X1, River Company's Inventory was $400,000. During 20X1, the company purchased $1,900,000 of additional
Inventory, and on December 31, 20X1, Its Inventory was $500,000.
Required:
What was the Inventory turnover for 20X1?
Inventory turnover
times

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