The consolidated statement of earnings of Anonymous Corporation for the year ended December 31, 2001 is as follows:
| Net sales Don't use plagiarized sources. Get Your Custom Essay on the consolidated statement of earnings of anonymous corporation for the year ended d 544446 For $10/Page 0nly | $1,550,010,000 |
| Other income, net | 10,898,000 |
| 1,560,908,000 | |
| Costs and expenses: | |
| Cost of goods sold | 1,237,403,000 |
| Depreciation and amortization | 32,229,000 |
| Selling, general and administrative | 178,850,000 |
| Interest | 37,646,000 |
| 1,486,128,000 | |
| Earnings from continuing operations before | |
| income taxes and equity earnings | 74,780,000 |
| Income taxes | 37,394,000 |
| Earnings from continuing operations before equity earnings | 37,386,000 |
| Equity in net earnings of unconsolidated | |
| subsidiaries and affiliated companies | 27,749,000 |
| Earnings from continuing operations | 65,135,000 |
| Earnings (losses) from discontinued operations, | |
| net of applicable income taxes | 6,392,000 |
| Net earnings | $ 71,527,000 |
Required a. Compute the times interest earned for 2001.
b. Compute the times interest earned for 2001, including the equity income in the coverage.
c. What is the impact of including equity earnings from the coverage?
Why should equity income be excluded from the times interest earned coverage?
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