A fire destroys all of the merchandise of Coronado Company on February 10, 2017. Presented below is information compiled up to the date of the fire:
Inventory, January 1, 2017 $423,300
Sales revenue to February 10, 2017 1,924,500
Purchases to February 10, 2017 1,140,950
Freight-in to February 10, 2017 56,790
Rate of gross profit on selling price 40%
What is the approximate inventory on February 10, 2017
Balance sheet and income statement data indicate the following: Bonds payable, 11% (due in 15 years) $1,023,237 Preferred 8% stock, $100 par (no change during the year) $200,000 Common stock, $50 par (no change during the year) $1,000,000 Income before income tax for year $383,882 Income tax for year $115,165 Common dividends paid $60,000 Preferred dividends paid $16,000 Based on the data presented above, what is the times interest earned ratio (round to two decimal places)
