Business, 15.02.2021 20:10 bbbbriasutton
The Morrit Corporation has $960,000 of debt outstanding, and it pays an interest rate of 8% annually. Morritt's annual sales are $6 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 6 to 1, then its bank will refuse to renew the loan, and bankruptcy will result. What is Morritt's TIE ratio
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The Morrit Corporation has $960,000 of debt outstanding, and it pays an interest rate of 8% annually...
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