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Question - Use the following information to answer the questions:
Assets
Liabilities and Equity
Cash
12,000
Accounts payable
19,000
Marketable securities
2,000
Notes payable
6,000
Accounts receivable
7,000
Current liabilities
25,000
Inventory
39,000
Long-term debt
95,000
Current assets
60,000
Total liabilities
120,000
Machines
34,000
Paid-in capital
20,000
Real estate
80,000
Retained earnings
Net fixed assets
114,000
Equity
54,000
Total assets
174,000
Total liab. & equity
Line item
Value
Sales
82,000
- Costs
67,240
- Depreciation
= EBIT
12,760
- Interest
800
= Taxable income
11,960
- Taxes
3,947
= Net income
8,013
Required - What is the times-interest-earned ratio?
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