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Number of times interest charges are earned
The following data were taken from recent annual reports of Southwest Airlines, which operates a low-fare airline service to over 50 cities in the United States.
Current Year
Preceding Year
Interest expense
$105,000,000
$69,000,000
Income before income tax
278,000,000
1,058,000
a. Determine the number of times interest charges were earned for the current and preceding years. Round to one decimal place.
b. What conclusions can you draw?
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