The Jones Petro Company reports the following consolidated statement of income:
| Operating revenues Don't use plagiarized sources. Get Your Custom Essay on depreciation expense totals 200 operating lease payments total 150 and preferred div 544440 For $10/Page 0nly | $2,989 | |
| Costs and expenses: | ||
| Cost of rentals and royalties | 543 | |
| Cost of sales | 314 | |
| Selling, service, administrative, | ||
| and general expense | 1,424 | |
| Total costs and expenses | 2,281 | |
| Operating income | 708 | |
| Other income | 27 | |
| Other deductions (interest) | 60 | |
| Income before income taxes | 675 | |
| Income taxes | 309 | |
| Income before outside shareholders’ interests | 366 | |
| Outside shareholders’ interests | 66 | |
| Net income | $ 300 | |
Note: Depreciation expense totals $200; operating lease payments total $150; and preferred dividends total
$50. Assume that 1/3 of operating lease payments is for interest.
Required a. Compute the times interest earned.
b. Compute the fixed charge coverage.
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