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The Morrit Corporation has $900,000 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 4%. 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.
Problem 1: What is Morrit's TIE ratio? Do not round intermediate calculations. Round your answer to two decimal places.
Problem 2: What is the future value of an 11%, 5-year ordinary annuity that pays $750 each year? Do not round intermediate calculations. Round your answer to the nearest cent.
Problem 3: If this were an annuity due, what would its future value be? Do not round intermediate calculations. Round your answer to the nearest cent.
Financial Statement Analysis and Preparation
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