Home / Questions / The Morris Corporation has $600,000 of debt outstanding, and itpays an interest rate of 8
The Morris Corporation has $600,000 of debt outstanding, and itpays an interest rate of
8% annually. Morris’s annual sales are $3 million, its averagetax rate is 40%, and its net
profit margin on sales is 3%. If the company does not maintain aTIE ratio of at least 5 to 1,
then its bank will refuse to renew the loan and bankruptcy willresult. What is Morris’s
TIE ratio?
MUST BE DONE IN EXCEL FORMAT
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