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Cash dividends of 23000 were paid 5000 of which were to

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The income statement for J and T Seafood appears below.

JAND T SEAFOOD

Income Statement

For the Year Ended December 31, 2008

Sales

$400,000

Cost of goods sold

230,000

Gross profit

170,000

Expenses (including $16,000 interest and $24,000 income taxes)

100,000

Net income

$70,000

Additional information:

1. The weighted average common shares outstanding in 2008 were 30,000 shares.

2. The market price of J and T Seafood stock was $13 in 2008.

3. Cash dividends of $23,000 were paid, $5,000 of which were to preferred stockholders. Instructions Compute the times interest earned ratio for 2008.

Reference no: EM13567544

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