For the most recent year, Camargo, Inc., had sales of $550,000, cost of goods sold of $245,320, depreciation expense of $62,400, and additions to retained earnings of $74,800.

For the most recent year, Camargo, Inc., had sales of $550,000, cost of goods sold of $245,320, depreciation expense of $62,400, and additions to retained earnings of $74,800. The firm currently has 22,000 shares of common stock outstanding and the previous year’s dividends per share were $1.30.

Assuming a 24 percent income tax rate, what was the times interest earned ratio? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Expert Solution

jeff jeffy answered 2 years ago

Sales are $3.70 million, cost of goods sold is $550,000, depreciation expense is $140,000, other operating expenses is $290,000. addition to retained

Sales are $3.70 million, cost of goods sold is $550,000, depreciation expense is $140,000, other operating expenses is $290,000. addition to retained earnings is $1,766,625, dividends per share are $1, tax rate is 21 percent, and number of shares of common stock outstanding is 80,000. Lafonya's Flop Shops has no preferred stock outstanding.Use the above information to calculate the times interest earned ratio for LaTonya's Flop Shops, Inc. (Round your answer to 2 decimal places.)Interest earned ________ times

For the most recent year, Camargo, Inc., had sales of $570,000, cost of goods sold of...

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