Loomis, Inc., reported the following on the company’s income statement in two recent years: Current Year Prior Year Interest expense $13,500,000 $16,000,000 Income before income tax expense 310,500,000 432,000,000 a.Determine the times interest earned ratio for the current year and the prior year. Current year fill in the blank 1 Prior year fill in the blank 2

Loomis, Inc., reported the following on the company’s income statement in two recent years: Current Year Prior Year Interest expense $13,500,000 $16,000,000 Income before income tax expense...

Loomis, Inc., reported the following on the company’s income statement in two recent years:

	Current Year	Prior Year
Interest expense	$13,500,000		$16,000,000
Income before income tax expense	310,500,000		432,000,000

a.Determine the times interest earned ratio for the current year and the prior year.

Current year	fill in the blank 1
Prior year	fill in the blank 2

Jun 11, 2022

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