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Question - Times Interest Earned
The following data were taken from recent annual reports of Caliber Company, which operates a low-fare airline service to more than 50 cities in the United States:
Current Year
Preceding Year
Interest expense
$58,000
$64,000
Income before income tax
417,600
358,400
a. Determine the times interest earned ratio for the current and preceding years.
b. Although Caliber Company had enough earnings to pay interest in the preceding year, the _______ in this ratio will be _______ by the debt holders.
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