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AICPA每日一練之BEC【2016-4-13】

互聯(lián)網(wǎng)2016-04-13 10:01Lynn.yu
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A company has income after tax of $5.4 million, interest expense of $1 million for the year, depreciation expense of $1 million, and a 40% tax rate. What is the company’s times-interest- earned ratio?

a. 5.4

b. 6.4

c. 7.4

d. 10.0

Answer:D

Choice“d” is correct. The requirement is to calculate the times interest earned.

Answer (d) is correct because times interest earned is equal to earnings before taxes and interest divided by interest expense, or 10.0 = [$5.4 million income after interest and taxes/ (1 – .04 tax rate) + $1 million interest expense]/$1 million interest expense.

Answers (a), (b), and (c) are incorrect because they are incorrect computations of the times interest earned.

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