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The Morrit Corporation has $1,080,000 of debt outstanding, and it pays an interest rate of 8% annually. Morrit's annual sales are $6 million, its average tax rate is 25%, and its net profit margin on sales is 7%. If the company does not maintain a TIE ratio of at least 3 to 1, then its bank will refuse to renew the loan, and bankruptcy will result. What is Morrit's TIE ratio? Do not round intermediate calculations. Round your answer to two decimal places.
A project under consideration has a net present value of $10,000 for a required investment of $60,000. There are no other investment options at this time. However, the assumed discount rate used to calculate the net present value is 20%.
Davis Manufacturing has a sales budget of 80,000 units in April, 90,000 units in May and 64,000 units in June. Cost of Goods sold is expected to be 65 percent of sales. Willis requires ending finished goods inventories equal to 30 percent of the foll..
For each transaction below, choose the letter from the answer bank that most accurately describes the transactions that need to be considered for reconciling entries when converting this municipality's fund financial statements to government-wide fin..
Describe the key historical events that have shaped the development of accounting between 1900 - 2014 and how do these events support the notion accounting is socially constructed?
The entry to close the revenue account(s) was entered in reverse - Income Summary was debited and the revenue account(s) was/were credited, this error will: A) before closing it, Income Summary will have a debit balance. B) the liabilities will be ov..
Mooresville Corporation manufactures reproductions of eighteenth-century, classical-style furniture. It uses a job costing system that applies factory overhead on the basis of direct labor hours. Compute the firm’s predetermined factory overhead rate..
Prepare Mr Howells trading and profit and loss account for the year ended 31 May 20X9 and his balance sheet as at 31 May 20X9.
Prepare journal entries to record the following transactions involving the short-term securities investments of Duke Co., all of which occurred during year 2013. On March 22, purchased 890 shares of RIP Company stock at $28 per share plus a $210 brok..
If the appropriate discount rate is 15 percent, what is the NPV of this investment? Round to two decimal places.
On January 2, 20X1, Air, Inc. agreed to pay its former president $300,000 under a deferred compensation arrangement. Air should have recorded this expense in 20X0 but did not do so. Air's reported income tax expense would have been $70,000 lower in 2..
Prepare journal entries to record the issue of the bonds by Angel on April 1, 2014, and the first two interest payments on October 1, 2014, and April 1, 2015.
Colorado Springs Company (CSC) is a wholesaler with fiscal year ended December 31 of previous year. Since it is publicly-traded, it undergoes external audit. The most recent audit was completed in February of this year. Specifically, CSC’s accounting..
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