Reference no: EM132985654
Balance sheet and income statement data indicate the following:
Bonds payable, 10% (due in 2 years)$1,000,000
Preferred 5% stock, $100 par (no change during year)300,000
Common stock, $50 par (no change during year)2,000,000
Income before income tax for year550,000
Income tax for year80,000
Common dividends paid50,000
Preferred dividends paid15,000
Problem 1: Based on the data presented, what is the times interest earned ratio? (Round to one decimal place.)
a.1.5 times
b.6.4 times
c.5.5 times
d.6.5 times
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