Tate Company reported the following on its income statement: 
An analysis of the income statement revealed that interest expense was $100,000. Tate Company's times interest earned was
Definitions:
Net Operating Income
The income generated from normal business operations, calculated by deducting operating expenses from gross income.
Absorption Costing
An accounting method that includes all manufacturing costs (direct materials, direct labor, and both variable and fixed overhead) in the cost of a product.
Fixed Costs
Costs that remain constant in total regardless of changes in the level of the business activity or production volume.
Product Costs
Costs that are directly associated with the production of goods or services, including direct materials, direct labor, and manufacturing overhead.
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