Lf the company does not maintain a tie ratio of at least 6, Financial Management

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Lf the company does not maintain a tie ratio of at least 6

Times Interest-Earned Ratio The Morris Corporation ha dollar 400,000 of debt outstanding, and it pays an interest rate of 8 percentage an annually, Morris's annual sales are dollar 2 million, its average tax rate is 30 percentage, and its net profit margin on sales is 7 percentage.

lf 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 Morris's TIE ratio? Round intermediate calculations to two decimal places.

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Financial Management: Lf the company does not maintain a tie ratio of at least 6

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Financial Management: Lf the company does not maintain a tie ratio of at least 6

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