Sheridan Corporation recently reported an EBITDA of $32.70 million and net income of $9.7 million. The...
Sheridan Corporation recently reported an EBITDA of $32.70 million and net income of $9.7 million. The company had $6.8 million in interest expense, and it's average corporate tax rate was 35 percent. What was its depreciation and amortization expense? (Round answer to 2 decimal places and enter your answer in dollars, e.g. 9,700,000.25)
Depreciation and amortization $_____
Homework Answers
Step-1, Net Income Before Tax
Net Income Before Tax = Net Income After Tax / (1 – Tax Rate)
= $9,700,000 / (1 – 0.35)
= $9,700,000 / 0.65
= $14,923,076.92
Step-2, Earnings Before Interest and Tax
Earnings Before Interest and Tax = Net Income Before Tax + Interest Expenses
= $14,923,076.92 + $6,800,000
= $21,723,076.92
Step-3, Depreciation and Amortization charges
Earnings Before Interest and Tax = EBITDA - Depreciation and Amortization charges
$21,723,076.92 = $32,700,000 - Depreciation and Amortization charges
Depreciation and Amortization charges = $32,700,000 - $21,723,076.92
Depreciation and Amortization charges = $10,976,923.08
“Hence, the Depreciation and expense will be $10,976,923.08”
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