Frank's Boat Shop, Inc. reports net income of $59,000, income before taxes of $120,000 and interest expense of $18,000. The weighted-average number of shares of common stock outstanding during the year was 40,000 shares. What is the times-interest-earned ratio? (Round your final answer to two decimal places.)
A) 3.28
B) 6.67
C) 7.67
D) 10.94
Correct Answer:
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