The Morrit Corporation has $600,000 of debt outstanding, and it pays an interest rate of 8% annually.
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The Morrit Corporation has $600,000 of debt outstanding, and it pays an interest rate of 8% annually. Morrit’s annual sales are $3 million, its average tax rate is 25%, and its net profit margin on sales is 3%. If the company does not maintain a TIE ratio of at least 5 to 1, then its bank will refuse to renew the loan, and bankruptcy will result. What is Morrit’s TIE ratio?
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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TIE EBITInterest expense so find EBIT and Interest exp...View the full answer
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Related Book For 
Financial Management Theory and Practice
ISBN: 978-1337902601
16th edition
Authors: Eugene F. Brigham, Michael C. Ehrhardt
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