Question
Paxton Company provided the following income statement for last year: Sales  
Paxton Company provided the following income statement for last year:
Sales $ 87,021,000
Cost of goods sold (62,138,249)
Gross margin $ 24,882,751
Operating expenses (19,371,601)
Operating income $ 5,511,150
Interest expense (875,400)
Income before taxes $ 4,635,750
Income taxes (1,854,300)
Net income $ 2,781,450
Calculate the times-interest-earned ratio. (Note: Round the answer to one decimal place.)
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