Homework Answers
| a) | |||||
| Times Interest Earned Ratio = EBIT/ Interest expenses | |||||
| Current Year | |||||
| =( $4360200-338000)/338000 | |||||
| =11.9 times | |||||
| Previous Year | |||||
| = ($5353920-405600)/405600 | |||||
| =12.2times | |||||
| b) | Declining | ||||
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Times interest earned Berry Company reported the following on the company's income statement in two recent...
Times interest earned Berry Company reported the following on the company's income statement in two recent...
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Year
Prior
Year
Interest expense
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$467,500
Income before income tax expense
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6,872,250
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Berry Company reported the following on the company's income
statement in two recent years:
Current
Year
Prior
Year
Interest expense
$425,000
$467,500
Income before income tax expense
6,587,500
6,872,250
a. Determine the number of times interest charges were earned for current Year and prior Year. Round to one decimal place. Current Year Prior Year b. Is the number of times interest charges are earned improving or declining?
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