Averill Products Inc., reported the following on the company's income statement in 20Y8 and 20Y9: 20Y9. 20Y8 Interest Expense $440,000. $400,000 20Y9. 20Y8 Income before income tax expense. 5,544,000. 4,400,000 Time Interest earned. 20Y9 (fill the blank) 20Y8 (fill the blank)
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- Citrine Company reported the following on its income statement: Income before income taxes $500,000 Income tax expense 100,000 Net income $400,000 An analysis of the income statement revealed that interest expense was $50,000. Citrine Company's times-interest-earned ratio was: a. 18. b. 5. c. 9. d. 11.K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...Oriole Company reported the following on its income statement: Income before income taxes $816000 Income tax expense 138000 Net income $678000 An analysis of the income statement revealed that interest expense was $68000. Oriole Company's times interest earned was
- Times interest earned Averill Products Inc. reported the following on the company’s income statement in 20Y8 and 20Y9: 20Y9 20Y8 Interest expense $440,000 $400,000 Income before income tax expense 5,544,000 4,400,000 a. Determine the times interest earned ratio for 20Y8 and 20Y9. Round to one decimal place. 20Y9 20Y8 Times Interest Earned fill in the blank 1 fill in the blank 2 b. Is the change in the times interest earned ratio favorable or unfavorable?Hsu Company reported the following on its income statement: Income before income taxes Income tax expense Net income $356,883 107,065 $249,818 Interest expense was $73,432. Hsu Company's times interest earned ratio (rounded to two decimal places) is Oa. 5.86 times Ob. 3.4 times Oc. 4.86 times Od. 2.4 timesThe following are the financial statement Quick Ltd. for the year ended 31st December 2020: Quick Ltd. Income statement For year ended 31st December 2020 $”000” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) Profit before tax 150.00 Tax (70.00) Profit after tax 80.00 Quick Ltd. Statement of financial position as at 31 December 2020 2019 $”000” $”000d” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
- The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…Hsu Company reported the following on its income statement: Income before income taxes $343,271 Income tax expense 102,981 Net income $240,290 Interest expense was $60,867. Hsu Company's times interest earned ratio (rounded to two decimal places) is a.3.95 times b.5.64 times c.2.95 times d.6.64 timesGrand Company reported the following on its income statement: Income before income taxes$ ,000 Income tax expense 100,000 Net income $300,000 An analysis of the income statement revealed that interest expense was $ 100, 000 . Grand Company's times interest earned was?
- During 2021, Jerry Inc. has the following account balances in Income Statement: Sales P 1,630,245, Cost of Sales P 646,788, Selling Expense P 235,500, Administrative Expense P 114,766, Other Expense P 57,146, Tax Expense P 200,400 and Other Revenue P 65,810. How much is the net income? a. P 414,454b. P 414,455c. P 441,455d. P 441,445Webby Corporation reported the following amounts onits income statement: service revenues, $32,500; utilities expense, $300; net income, $1,600; and income taxexpense, $900. If the only other amount reported on theincome statement was for selling expenses, what amountwould it be?a. $2,200 c. $30,000b. $29,700 d. $30,900Consider the following given information below: Total Income P1,321,000 Total Distribution Cost 268,900 Total Administrative Cost 250,200 Other Expenses 8,000 Interest Expense 9,000 Total Expenses 536,100 Income Tax Expense 235,500 What is the amount of income before tax to be reflected in the income statement?