Sheehan, Inc. provides the following income statement for 2017:
Net Sales $240,000
Cost of Goods Sold 110,000
Gross Profit $130,000
Operating Expenses:
Selling Expenses 45,000
Administrative Expenses 12,000
Total Operating Expenses 57,000
Operating Income $73,000
Other Revenues and (Expenses):
Loss on Sale of Capital Assets (27,000)
Interest Expense (1,000)
Total Other Revenues and (Expenses) (28,000)
Income Before Income Taxes $45,000
Income Tax Expense 5,300
Net Income $39,700
Calculate the times-interest-earned ratio. (Round your answer to two decimal places.)
A. 46.00 times
B. 45.00 times
C. 39.70 times
D. 7 3.00 times
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