The income statement for Pennsylvania Communications follows. Assume Pennsylvania Communications signed a 3-month, 3 %, $ 60,000 note on June 1, 2018, and that this was the only note payable for the company.
a. Fill in the missing information for Pennsylvania's year ended July 31, 2018, income statement. Round to the nearest dollar.
b. Compute the times-interest-earned ratio for the company. Round to two decimals.
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The income statement for Pennsylvania Communications follows. Assume Pennsylvania Communications sig...
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