Reference no: EM132979183
According to the producer price index database maintained by the Bureau of Labor Statistics, the average cost of computer equipment fell 3.8 percent between January and December 2016. Let's see whether these changes are reflected in the income statement of Computer Tycoon Inc. for the year ended December 31, 2016.
2016 2015
Sales Revenue $117,000 $145,500
Cost of Goods Sold 68,500 78,300
Gross Profit 48,500 67,200
Selling, General, and Administrative Expenses 37,700 40,400
Interest Expense 670 560
Income before Income Tax Expense 10,130 26,240
Income Tax Expense 2,500 6,700
Net Income $7,630 $19,540
Required:
Question 1. Compute the times interest earned ratios for 2016 and 2015.
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