Delectable Parsnip, Inc.’s, net income for the most recent year was $8,795. The tax rate was...
Delectable Parsnip, Inc.’s, net income for the most recent year was $8,795. The tax rate was 21 percent. The firm paid $4,653 in total interest expense and deducted $5,124 in depreciation expense. What was the company’s cash coverage ratio for the year?
Homework Answers
(EBIT-interest expense)(1-tax rate)=Net income
(EBIT-4653)(1-0.21)=8,795
EBIT-4653=8,795/0.79
EBIT=(8,795/0.79)+4653
=$15785.9114
Cash coverage ratio=(EBIT+depreciation)/interest expense
=(15785.9114+5124)/4,653
=4.49(Approx).
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