The Sherwill statement of consolidated income is as follows:
| Net sales Don't use plagiarized sources. Get Your Custom Essay on 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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