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Impact of the operating leases

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Driver Enterprises reports 2015 earnings before interest and taxes (EBIT) of $242,391 and interest expense of $27,088. Included in its reported operating expenses for 2015 were operating lease expenses of $110,064. Based on footnote data and a discount rate of 13% you have determined the present value of the company's future operating lease obligations to be $440,741. Calculate the fixed charge coverage ratio after incorporating the impact of the operating leases and using the present value method. Present your answer rounded to two decimal places, e.g., 20.00.

Reference no: EM131742385

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