Thomson Trucking has $21 billion in assets, and its tax rate is 35%. Its basic earning power (BEP) ratio is 17%, and its return on assets (ROA) is 3%. What is its times-interest-earned (TIE) ratio? Round your answer to two decimal places.
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Given that- | ||||
BEP = | 17% | |||
Which mean | ||||
EBIT/Total asset = | 17% | |||
Also Total asset = | 21 | Billion | ||
Therefore EBIT = 21billion *17% | 3.57 | Billion | ||
ROA is 3% | ||||
ROA = Net income/Total asset | ||||
Net income = Total asset *3% | =21Billion*3% | 0.63 | billion | |
Earning before tax = Net income/(1-Tax) = 1/(1-35%) | 0.97 | billion | ||
Interest expenses =EBIT-EBT = | =3.57-.97 | 2.60 | billion | |
Times interest earned ratio = EBIT / Interest expense | =3.57/2.6 | 1.37 | times |
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