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Income Statement
Year Ended December 31, 2021
Net sales $9200000
Cost of goods sold 5500000
Gross profit 3700000
Operating expenses (including bond interest expense) 1400000
Income before income taxes 2300000
Income tax 690000
Net income$ 1610000
Additional information:
There are no preferred dividends in arrears, the balances in the Accounts Receivable and Inventory accounts are unchanged from January 1, 2021, and there were no changes in the Bonds Payable, Preferred Stock, or Common Stock accounts during 2021. Assume that preferred dividends for the current year have not been declared.
Problem 1: The number of times interest was earned during 2021 was ??
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