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Amponsah and Daughters Limited which has been in operation for five years, currently has total liabilities of GHC125,000 and their shareholders' equity is GHC75,000. Half of their liabilities are current liabilities and the company has GHC75,000 in current assets. The company's profit before interest and taxes is GHC22,000, and total interest charges are GHC10,000. The company has a net operating income of GHC185,000 and a total debt service of GHC100,000.The company is interested in applying for a line of credit at the local bank.
Required:
Question a) Calculate the company's 1) debt to equity ratio 2) current ratio 3) debt coverage ratio 4) times interest earned ratio.
Question b) What do the results of the ratios tell the bank about extending credit to Amponsah and Daughters limited?
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