Homework Answers
Computing times interest earned ratio for the year 2017
=Income Before interest and taxes (EBIT) / interest expenses
=61,344/2,323
=26.41
Computing times interest earned ratio for the year 2016
=Income Before interest and taxes (EBIT) / interest expenses
=60,024/1,456
=41.23
Computing times interest earned ratio for the year 2015
=Income Before interest and taxes (EBIT) / interest expenses
=71,230/733
=97.18
Time Interest Earned Ratio = Income Before Interest Expense and Income Taxes (EBIT) / Interest Expense
EBIT= Net Income + Income Tax + Interest Expense or use the number stated in Income before provision for income taxes + Interest Expense = EBIT
2017 EBIT = 48,351 + 15,738 + 2,323 = 66,412
Time Interest Earned Ratio = 66,412 / 2,323 = 28.59
2016 EBIT = 45,687 + 15,685 + 1,456 = 62,828
Time Interest Earned Ratio = 62,828 / 1,456 = 43.15
2015 EBIT = 53,394 + 19,121 + 733 = 73,248
Time Interest Earned Ratio = 73,248 / 733 = 99.93
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