A firm in a 28% tax bracket has net income of $23,470,560. If interest expense is $4,598,200, calculate the times interest earned.
8.09 |
||
7.56 |
||
3.29 |
||
5.51 |
||
none of these |
times interest earned = EBIT / interest
EBIT = Net income / ( 1 - tax rate ) + interest
= 23470560 / ( 1 - 0.28) + 4598200
= 37196200
TIE = 37196200 / 4598200 = 8.09
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