Balance sheet ($ millions) Cash $50 Other current assets $100 Long term assets, $120 net Total assets $270 Noninterest b...
Balance sheet ($ millions)
Cash $50
Other current assets $100
Long term assets, $120
net Total assets $270
Noninterest bearing short term debt $60
Short term debt (10%) 10
Senior long-term debt 0
Subordinated debt Equity 0
Total Liabilities & Equity $270
Interest Coverage
Net Operating Income $30
Interest Expense
Short term debt $1
Senior long term debt $0
- Subordinated debt $0
Total $1
NOI/Interest expense $30
Effective tax rate 30 %
Depreciation $20
-
Create a basic income statement (starting from operating income to net income).
Homework Answers
| Income Statement | |
| Operating income | 30 |
| Interest expense | -1 |
| Income before tax | 29 |
| Income tax expense ( 29 x 30%) | 8.70 |
| Net Income | $20.3 |
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