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In a recent year, Pina Colada Corp. had a net income of $151,000, interest expense of $28,500, and income tax expense of $41,300. What was Pina Colada Corp.'s times interest earned (rounded) for the year? a. 6.30 b. 5.30 c. 6.75 d. 7.75

In a recent year, Pina Colada Corp. had a net income of $151,000, interest expense of $28,500, and income tax expense of $41,300. What was Pina Colada Corp.'s times interest earned (rounded) for the year? a. 6.30 b. 5.30 c. 6.75 d. 7.75

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In a recent year, Pina Colada Corp. had a net income of $151,000, interest expense of $28,500, and income tax expense of $41,300. What was Pina Colada Corp.'s times interest earned (rounded) for the year? a. 6.30 b. 5.30 c. 6.75 d. 7.75
Transcribed Image Text:In a recent year, Pina Colada Corp. had a net income of $151,000, interest expense of $28,500, and income tax expense of $41,300. What was Pina Colada Corp.'s times interest earned (rounded) for the year? a. 6.30 b. 5.30 c. 6.75 d. 7.75
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