The Information Related to Stereo Music Is Given Below Calculate the Times-Interest-Earned Ratio for Each Year and Also State

Essay

The information related to Stereo Music is given below:
$$\begin{array} { | l | r | r | } \hline & \begin{array} { c } \text { Year ended } \\\text { December } 31,2012\end{array} & \begin{array} { c } \text { Year ended } \\\text { December } 31,2013\end{array} \\\hline \text { Net Income } & \$ 81,510 & \$ 210,570 \\\hline \text { Income Tax Expense } & 55,910 & 103,505 \\\hline \text { Interest Expense } & 6,595 & 59,505 \\\hline\end{array}$$ Calculate the times-interest-earned ratio for each year and also state the percentage change in the ratio.