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emmainna [20.7K]
3 years ago
10

INCOME STATEMENT Byron Books Inc. recently reported $13 million of net income. Its EBIT was $20.8 million, and its tax rate was

35%. What was its interest expense?
Business
1 answer:
Nataly [62]3 years ago
3 0

Answer:

Interest Expense: $0.8 million

Explanation:

First we calculate earning before tax as follows:

Earning before tax = Net income / (1 - tax rate)

Earning before tax = 13 / 0.65

Earning before tax (EBT) = $20 million

Now we calculate interest charge as different between EBIT & EBT

Interest charge = 20.8 - 20

Interest charge = $0.8 million

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