EXHIBIT 12



IKON RECEIVABLES, LLC

RATIO OF
EARNINGS TO FIXED CHARGES

(dollars in thousands)



|                                                                                     |  |                                |        |                                                |   |         |  |      |         |  |   |         |  |   |       
|------------------------------------------------------------------------------------ |  | ------------------------------ | ------ | ---------------------------------------------- | - | ------- |  | ---- | ------- |  | - | ------- |  | - | ------
|                                                                                     |  | Fiscal Year Ended September 30 |        | April 6, 1999 (Inception) - September 30, 1999
|                                                                                     |  | 2003                           |        | 2002                                           |   | 2001    |  | 2000 |        
|Earnings                                                                             |  |                                |        |                                                |   |         |  |      |         |  |   |         |  |   |       
|Income before income taxes and cumulative effect of a change in accounting principle |  | $                              | 49,564 |                                                | $ | 94,178  |  | $    | 94,252  |  | $ | 66,113  |  | $ | 17,574
|                                                                                     |  |                                |        |                                                |  
|Add:                                                                                 |  |                                |        |                                                |   |         |  |      |         |  |   |         |  |   |       
|Fixed charges                                                                        |  |                                | 48,230 |                                                |   | 93,609  |  |      | 113,383 |  |   | 82,431  |  |   | 14,702
|                                                                                     |  |                                |        |                                                |   |         |  |      |         |  |   |         |  |   |       
|Earnings, as adjusted (A)                                                            |  | $                              | 97,794 |                                                | $ | 187,787 |  | $    | 207,635 |  | $ | 148,544 |  | $ | 32,276
|                                                                                     |  |                                |        |                                                |   |         |  |      |         |  |   |         |  |   |       
|Fixed charges                                                                        |  |                                |        |                                                |   |         |  |      |         |  |   |         |  |   |       
|Other interest expense, including interest on capital leases (B)                     |  | $                              | 48,230 |                                                | $ | 93,609  |  | $    | 113,383 |  | $ | 82,431  |  | $ | 14,702
|                                                                                     |  |                                |        |                                                |   |         |  |      |         |  |   |         |  |   |       
|Ratio of earnings to fixed charges (A) divided by (B)                                |  |                                | 2.0    |                                                |   | 2.0     |  |      | 1.8     |  |   | 1.8     |  |   | 2.2   
|                                                                                     |  |                                |        |                                                |   |         |  |      |         |  |   |         |  |   |