In 2000, Natural Selection, a nationwide computer dating service, had $160 million of assets and $120 million
Question:
In 2000, Natural Selection, a nationwide computer dating service, had $160 million of assets and $120 million of liabilities. Earnings before interest and taxes were $35 million, interest expense was $10 million, the tax rate was 40 percent, sinking- fund requirements were $8 million, and annual dividends were 40 cents per share on 10 million shares outstanding.
a. Calculate Natural Selection's (1) Liabilities-to-equity ratio. (2) Times interest earned. (3) Times burden covered.
b. What percentage decline in earnings before interest and taxes could Natural Selection have sustained before failing to cover (1) Sinking-fund requirements? (2) Common dividend payments?
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