Reference no: EM132985675
Balance sheet and income statement data indicate the following:
Bonds payable, 6% (due in 15 years)$1,200,000
Preferred 8% stock, $100 par (no change during the year)200,000
Common stock, $50 par (no change during the year)1,000,000
Income before income tax for year320,000
Income tax for year80,000
Common dividends paid60,000
Preferred dividends paid16,000
Problem 1: Based on the data presented, what is the times interest earned ratio (round to two decimal places)?
a.4.00
b.5.44
c.4.33
d.5.00
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