Current Year Prior Year $ 13,500,000 $ 16,000,000 Interest expense Income before income tax expense 432,000,000 310,500,000
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Loomis, Inc. reported the following on the company’s income statement in two recent years:
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a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place.
b. Is this ratio improving or declining?
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