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Deacon Corporation has provided the following financial data from its balance sheet and income statement:...

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Accounting

Deacon Corporation has provided the following financial data from its balance sheet and income statement:

Year 2 Year 1
Total assets $ 1,239,000 $ 1,198,000
Total liabilities $ 486,000 $ 480,000
Total stockholders' equity $ 753,000 $ 718,000
Net operating income (income before interest and taxes) $ 69,515
Interest expense $ 32,000

The companys times interest earned ratio for Year 2 is closest to:

  • 1.17

  • 0.67

  • 3.17

  • 2.17

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