The h r pickett corporation has 500000 of debt outstanding, Accounting Basics

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The h r pickett corporation has 500000 of debt outstanding

Question: The H. R. Pickett Corporation has $500,000 of debt outstanding, and it pays an interest rate of 10 percent annually: Pickett's annual sales are $2 million, its average tax rate is 30 percent, and its net profit margin on sales is 5 percent. If the company does not maintain a TIE ratio of at least 5 times, its bank will refuse to renew the loan, and bankruptcy will result. What is Pickett's TIE ratio?

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Accounting Basics: The h r pickett corporation has 500000 of debt outstanding

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