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The Morris Corporation has $450,000 of debt outstanding, and it pays an interest rate of 8% annually. Morris's annual sales are $1.8 million, its average tax rate is 35%, and its net profit margin on sales is 4%. If the company does not maintain a TIE ratio of at least 3 to 1, its bank will refuse to renew the loan and bankruptcy will result.
What is Morris's TIE ratio? Round intermediate calculations to two decimal places. Round your answer to two decimal places.
Determine the gain (or loss) realized on the sale of the assets and the balances in the partners capital accounts after the distribution of this gain or loss to the capital accounts.
A reversing entry can be done in the new month, but as long as its placed on the journal in the beginning of the month, that whole month will show an inaccurate balance? then once the month end is closed out the journal should balance? is this rig..
All of the following are examples of procedures a firm can use to monitor its system of quality control except
The president of the retailer Prime Products has just approached the company’s bank with a request for a $30,000, 90-day loan. The purpose of the loan is to assist the company in acquiring inventories. Prepare a schedule of expected cash collections ..
Vanstee Corporation manufactures a variety of products. Variable costing net operating income last year was $75,000 and this year was $89,500. Last year, $44,500 in fixed manufacturing overhead costs was deferred in inventory under absorption costing..
Which statement is more useful-the income statement or the statement of cash flows? In computing free cash flow, what is an argument for treating the purchases of treasury stock like dividend payments?
Twin Falls Community Hospital is a 250-bed, not-for-profit hospital located in the city of Twin Falls, the largest city in Idaho's Magic Valley region and the seventh largest in the state. The hospital was founded in 1972 and today is acknowledged..
A chair manufacturer has two divisions: framing and upholstering. The framing costs are $200 per chair and the upholstering costs are $300 per chair. The company makes 10,000 chairs each year, which are sold for $600. What is the profit of each divis..
he used the car 80% of the time for business and 20% for personal use. jon used the satutory percentage method of cost recovery. calculate total deduction jon may take for 2011 with respect to the car.
Suppose you deposit $2,000 today and your account will accumulate to $4,000 in 10 years. What is the rate of interest?
Calculate the first year's net earnings under the cash basis of accounting, and the first year's net earnings under the accrual basis of accounting.
Contribution Margin Cost-Volume-Profit Analysis and Break-even Point
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