Answer:
TIE 2.47
Explanation:
Our first step will be calculate the interest expense
350,000 debt outstanding * 12% rate = 42,000
Next, we need the EBIT which means Earnings Before Interest and Taxes.
Using the net profit margin of 3% we can get the net income
This means 3% of sales become net income
We are going to apply this to Morris sales to get the net income
Now this include the interest and taxes, we need to get the Earning before those two concepts so:
Now we got everything needed for the TIE
129,500/52,500 = 2.47
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Let x be the part of 19,000 that was loaned out at 6% such that the remaining 19,000 - x was loaned out at 14%. The interest is calculated by the equation,
I = P x i x n
where P is the principal amount, i is the interest, n is the number of years. Substituting the known values,
2000 = (x)(0.06) + (19000 - x)(0.14)
The value of x from the equation above is 8250.
Hence, 8,250 was loaned out at 6%.
Answer:
Materials used in production go to Work in Process so;
= 936 + 1,690 + 767
= $3,393
The materials used in the general factory will go to Manufacturing Overhead.
Date Debit Credit
Jan 31 Work in Process $3,393
Manufacturing Overhead $ 667
Raw Materials Inventory $4,060
