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Retained Earnings Statement Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results...

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Retained Earnings Statement Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 2012: Retained earnings, February 1, 20Y1 $575,700 Net income 63,300 Cash dividends declared 11,400 Stock dividends declared 21,500 Prepare a retained earnings statement for the fiscal year ended January 31, 2012 Sumter Pumps Corporation Retained Earnings Statement For the Year Ended January 31, 20Y2 DVO FS TA FT 10 FED CELLEN Home Y TU TI P Page Down Times interest earned The following data were taken from recent annual reports of Caliber Company, which operates a low-fare airline service to more than 50 cities in the United States: Current Year Preceding Year Interest expense $70,000 $77,000 Income before income tax 301,000 177,100 a. Determine the times interest earned ratio for the current and preceding years. Round to one decimal place Current year Preceding year b. Although Caliber Company had enough earnings to pay interest in the preceding year, by the debtholders the in this ratio will be

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