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Data from Lheureux Corporation's most recent balance sheet and the company's income statement ...

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Data from Lheureux Corporation's most recent balance sheet and the company's income statement ...

Data from Lheureux Corporation's most recent balance sheet and the company's income statement appear below:

	Year 2	Year 1
Total assets	$ 1,440	$ 1,480
Total liabilities	$ 400	$ 450
Total stockholders' equity	$ 1,040	$ 1,030

Income Statement
For the Year Ended December 31, Year 2
(in thousands of dollars)
Sales (all on account)	$ 1,280
Cost of goods sold	850
Gross margin	430
Selling and administrative expense	355
Net operating income	75
Interest expense	18
Net income before taxes	57
Income taxes (30%)	17
Net income	$ 40

The times interest earned ratio for Year 2 is closest to:

▸ 2.22

▸ 4.17

▸ 3.17

▸ 5.95

Textbook

Introduction to Managerial Accounting: Brewer Edition: 9e

Edition: 9^th

Authors: Brewer, Garrison, Noreen

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