Use the Present Value and Future Value Tables Included in Appendix

Use the present value and future value tables included in Appendix 8 and on the textbook companion website.
- Hakeem, Inc. reported the following data in its 2011 financial statements: total liabilities $38,400; total stockholders' equity, $19,200; net income, $4,320; income tax expense, $2,880; and interest expense, $2,400. The times interest earned ratio is

A) 4.0 times
B) 1.8 times
C) 2.8 times
D) 3.0 times

Correct Answer:

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