The following data were abstracted from the records of Ballistic Corporation for the year: Sales 1,080,000 Interest expense 75,000 Income taxes 240,000 Net income 360,000 Compute interest coverage ratio.

The following information appeared in the annual financial statements of Hitashi Projects Limited:Statement of Comprehensive Income for the year ended 31 December 2019 R Revenue 1 250 000Direct costs (786 000) Gross profit 464 000 Operating expenses (124 000) Operating profit 340 000 Interest expense (15 000) Profit before tax 325 000 Income tax (97 500) Profit after tax 227 500 Statement of Financial Position as at 31 December 2019Assets R Non-current assets 314 000 Current assets 386 000 Total assets 700 000 Equity and liabilities Shareholders’ equity 350 000 Non-current liabilities 205 000 Current liabilities 145 000 Total equity and liabilities 700 000 Note • Current assets (R386 000) include accounts receivable of R160 000, inventories of R80 000 and cash of R146 000. • Inventories as at 31 December 2018 amounted to R130 000. • Current liabilities comprise accounts payable only. • All direct costs and revenues are on credit.Required: Calculate the following ratios using the…

Goldfinger Corporation had account balances at the end of the currentyear as follows: sales revenue, $29,000; cost of goods sold, $12,000;operating expenses, $6,200; and income tax expense, $4,320. Assumeshareholders owned 4,000 shares of Gold finger's common stock duringthe year. Prepare Goldfinger's income statement for the current year.

The Tarboro Corporation data for the current year and prior year is as follows: Current year $75,600 $59,400 $51,200 Account Current assets A/R Mdse. Inventory Current liabilities $76,500 $31,000 $47,460 $31,240 $607,700 $469,700 $138,000 $49,080 $88,920 $20,520 $68,400 Long-term liabilities. Common stock (5,000 shares) Retained earnings Net sales revenue COGS Gross Profit Selling/General expenses Net income before taxes Income tax expense Net Income What would a horizontal analysis report with respect to long-term liabilities? OA. Long-term liabilities increased by $28,500. B. Long-term liabilities decreased by $16,500. OC. Long-term liabilities decreased by 27.5%. D. Long-term liabilities increased by 91.94%. Prior year $60,000 $44,000 $40,000 $60,000 $2,500 $42,000 $17,000 $515,000 $385,000 $130,000 $52,000 $78,000 $18,000 $60,000

A company reports the following:Income before income tax                $4,000,000Interest expense                                  400,000Determine the times interest earned ratio. Round to one decimal place.

The Lancaster Corporation’s income statement is given below.   LANCASTER CORPORATION Sales $ 265,000 Cost of goods sold   137,000 Gross profit $ 128,000 Fixed charges (other than interest)   25,100 Income before interest and taxes $ 102,900 Interest   19,100 Income before taxes $ 83,800 Taxes (35%)   29,330 Income after taxes $ 54,470      a. What is the times-interest-earned ratio? (Round your answer to 2 decimal places.)

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Hsu Company reported the following on its income statement:   Income before income taxes $330,740   Income tax expense 99,222   Net income $231,518 Interest expense was $72,287. Hsu Company's times interest earned ratio (rounded to two decimal places) is a.3.2 times b.2.2 times c.5.58 times d.4.58 times

The income statement and comparative Statement of Financial Positions of MacTavish Ltd. are shown below.Income Statement for the year ended December 31, 20x4Sales   $ 1,420,000Cost of goods sold   (1,110,000)Depreciation expense   (55,000)Interest expense   (22,000)Operating expenses   (178,000)Gain on sale of capital assets 10,000Income tax expense   (19,000)Net income   $  46,000Statement of Financial Position as at December 31 20x420x4 20x3Cash   $ 71,000 $ 80,000  Accounts receivable   191,000 169,000  Inventory   303,000 324,000  Prepaid expenses 18,000 26,000Capital assets   640,000 612,000  Accumulated depreciation (301,000) (253,000)  $922,000 $958,000Accounts payable   $ 149,000 $ 243,400  Interest payable   41,000 36,000  Income taxes payable   8,000 12,000  Deferred revenue 25,000 17,000Bonds payable – net 226,000 229,600Common shares   317,000 300,000  Retained earnings   156,000 120,000  $922,000 $958,000 Additional information1. The bonds payable have a face value of…

What is included in the income tax expense for each year (25%)? And what is the net income for each year