A company reports the following:
|Income before income tax||$356,960|
Determine the times interest earned.
Interest Expense is an expense account resulting from the cost of borrowing money for a longer period. Normally, interest expense are accrued from notes payable or loans from banks or private entities. Lastly, Interest Expense is normally calculated by multiplying the face value of the instrument, let's say of a notes payable by the interest percentage; the product of which is to be multiplied to by the number of days or months passed.
Answer and Explanation: 1
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fromChapter 5 / Lesson 18
Learn to calculate interest expense using the interest expense formula. See variables needed to find interest expense and calculate it on an income statement.