Homework Answers
rate positively .. let me know if you need any clarification..
| Given that - | |||
| Net income= | 15000000 | ||
| EBIT = | 25100000 | ||
| Tax rate = | 25% | ||
| Profit before tax = 15000000/(1-25%) | |||
| 20000000 | |||
| therefore interest expenses | |||
| 25100000-20000000 | 5,100,000 | ||
| ans = | 5,100,000 | ||
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Please help. Thanks. 1. 2. Byron Books Inc. recently reported $15 million of net income. Its...
Please help. Thanks.
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Please help. Thanks.
1.
2.
Byron Books Inc. recently reported $15 million of net income. Its EBIT was $35.7 million, and its tax rate was 25%. What was its interest expense? (Hint: Write out the headings for an income statement, and then fill in the known values. Then divide $15 million of net income by (1 - 1) = 0.75 to find the pretax income. The difference between EBIT and taxable income must be interest expense. Use this same procedure...
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