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Ahat [919]
3 years ago
14

Patterson Brothers recently reported an EBITDA of $16.5 million and net income of $2.6 million. It had $2.0 million of interest

expense, and its corporate tax rate was 35%. What was its charge for depreciation and amortization? Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary. Do not round intermediate calculations.
Business
1 answer:
maria [59]3 years ago
7 0

Answer:

Depreciation and amortization = $10,500,000

Explanation:

EBT = Net Income / (1 - Tax rate)

EBT = 2,600,000 / (1 - 0.35)

EBT = $4,000,000

EBIT = EBT + Interest

EBIT = $4,000,000 + $2,000,000

EBIT = $6,000,000

EBIT = EBITDA - Depreciation and amortization

$16,500,000 = $6,000,000 - Depreciation and amortization

Depreciation and amortization = $16,500,000 - $6,000,000

Depreciation and amortization = $10,500,000

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Suppose that a large lake in the middle of Minnesota evaporates, leaving more fertile farm land for growing corn available. Assu
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