the sherwill statement of consolidated income is as follows 544441
The Sherwill statement of consolidated income is as follows:
|
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the sherwill statement of consolidated income is as follows 544441
For $10/Page 0nly
|
$658 |
|
Other income |
8 |
|
666 |
|
|
Costs and expenses: |
|
|
Cost of products sold |
418 |
|
Selling, general, and administrative expenses |
196 |
|
Interest |
16 |
|
630 |
|
|
Income before income taxes and extraordinary charges |
36 |
|
Income taxes |
18 |
|
Income before extraordinary charge |
18 |
|
Extraordinary charge—losses on tornado damage (net) |
4 |
|
Net income |
$ 14 |
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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