None Whipporwill Incorporated's net income.for the most recent year was $15,950. Thetax rate was 24 percent. The firm paid$3,880 in total interest expense anddeducted $5,120 in depreciationexpense. What was the company's cashcoverage ratio for the year? Round youranswer to 2 decimal places.

Step 1: Calculate EBITWe can calculate EBIT using the net income, interest expense, and tax rate.…

Answered: Whipporwill Incorporated's net income.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Whipporwill Incorporated's net income. for the most recent year was $15,950. The tax rate was 24 percent. The firm paid $3,880 in total interest expense and deducted $5,120 in depreciation expense. What was the company's cash coverage ratio for the year? Round your answer to 2 decimal places.