Delectable Parsnip, Inc.’s, net income for the most recent year was $9,312. The tax rate was...
Delectable Parsnip, Inc.’s, net income for the most recent year
was $9,312. The tax rate was 34 percent. The firm paid $3,887 in
total interest expense and deducted $5,073 in depreciation
expense.
What was the company’s taxable income for the year? (Do not
round intermediate calculations and round your answer to 2 decimal
places, e.g., 32.16.)
Taxable income
$
What was the company’s EBIT for the year? (Do not round
intermediate calculations and round your answer to 2 decimal
places, e.g., 32.16.)
EBIT
$
What was the company’s cash coverage ratio for the year?
(Do not round intermediate calculations and round your
answer to 2 decimal places, e.g., 32.16.)
Cash coverage ratio
times
Homework Answers
| EBIT(balance)(14109.09+3887) | $17996.09 |
| Less:interest expense | 3887 |
| Taxable income(100%)(9312/0.66) | $14109.09(Approx) |
| Less:tax@34%(14109.09*34%) | $4797.09(Approx) |
| Net income(66%) | 9312 |
Cash coverage ratio=(EBIT+Depreciation)/Interest expense
=(17996.09+5073)/3887
=5.93 times(Approx).
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