Net sales = $42,000,000. Gross profit = $19,200,000. Other operating expenses = $3,200,000. Addition to retained...
Net sales = $42,000,000. Gross profit = $19,200,000. Other operating expenses = $3,200,000. Addition to retained earnings = $5,200,000. Dividends paid to preferred and common stockholders = $2,000,000. Depreciation expense = $2,930,000.
The firm’s tax rate is 36 percent. interest expense for Moore’s HoneyBee Corp.
Homework Answers
PAT = Retained Earnings + Dividends Paid = $5,200,000 + $2,000,000
= $7,200,000
Since Tax = 36% therefore PAT = 64% of EBT/PBT = Earnings/Profit
Before Tax
Thus we calculated EBT = PAT / 0.64 = $7,200,000 / 0.64 =
$11,250,000
We get EBIT as $13,070,000 after deduction of Depreciation.
Thus EBIT - Interest Expense = PBT/EBT.
Thus we calculated Interest Expense = EBIT - EBT = $13,070,000 -
$11,250,000 = $1,820,000
Add Answer to:
Net sales = $42,000,000. Gross profit = $19,200,000. Other
operating expenses = $3,200,000. Addition to retained...
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