Form: 10-K

Annual report pursuant to Section 13 and 15(d)

March 14, 1994

Documents

COCA-COLA COMPANY COMPUTATION OF RATIO OF EARNING

Published on March 14, 1994


EXHIBIT 12.1




THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(IN MILLIONS EXCEPT RATIOS)






Year Ended December 31,
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1993 1992 1991 1990 1989
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Earnings:

Income from continuing operations
before income taxes and changes
in accounting principles $ 3,185 $ 2,746 $ 2,383 $ 2,014 $ 1,764

Fixed charges 213 207 222 255 326

Less capitalized interest, net (16) (10) (8) (8) (7)

Equity income, net of dividends (35) (30) (16) (94) (55)
-----------------------------------------------------
Adjusted earnings $ 3,347 $ 2,913 $ 2,581 $ 2,167 $ 2,028
=====================================================

Fixed charges:

Gross interest incurred $ 184 $ 181 $ 200 $ 238 $ 315

Interest portion of rent expense 29 26 22 17 11
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Total fixed charges $ 213 $ 207 $ 222 $ 255 $ 326
=====================================================

Ratios of earnings to fixed charges 15.7 14.1 11.6 8.5 6.2
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The Company is contingently liable for guarantees of indebtedness of
independent bottling companies and others (approximately $140 million at
December 31, 1993). Fixed charges for these contingent liabilities have
not been included in the computations of the above ratios as the amounts
are immaterial and, in the opinion of Management, it is not probable that
the Company will be required to satisfy the guarantees.