What’s the purpose of balancing or monitoring your checking account?

2 answers:

6 0

To Make Sure There Are No Gaps In Your Payments And To Have A Idea In Mind Of Income And Spending So You Can Come Up With A Budget Plan

iren2701 [21]3 years ago

4 0

Come up with a plan to save your money and not use to much of it at one time, use it in small amounts

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Sales are $1.44 million, cost of goods sold is $570,000, depreciation expense is $144,000, other operating expenses is $294,000,

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Answer:

Times Interest earned ratio is 4.41 times

Explanation:

Times interest earned ratio measure the business capability to pay the interest over its liabilities from its current earning.

As interest expense value is not given it is calculated by the net of Earning before interest and tax and Income before tax

Net Income = Addition to Retained Earning + Dividend Paid = $133,100 + ( 84,000 x $1 ) = $133,100 + $84,000 = $217,100

Income before tax = $217,100 x 100% / ( 100% - 35%) = $334,000

Earning before interest and tax = Sales - Cost of goods sold - depreciation expense - other operating expenses = 1,440,000 - 570,000 - 144,000 - 294,000 = $432,000

Interest Expense = Earning before interest and tax - Income before tax = $432,000 - 334,000 = $98,000

Times Interest earned ratio = Earning before Interest and tax / Interest expense = $432,000 / $98000 = 4.41 time

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