Fragment of Income Statement Assignment

Author:

February 18th, 2020

Interest versus dividend expense Michaeis Corporation expects earnings before interest and taxes to be $46,000 for the current period. Assuming a flat ordinary tax rate of 21 % , compute the firm’s earnings after taxes and earnings available for common stockholders (earnings after taxes and preferred stock dividends, if any) under the following conditions

a The firm pays $12,500 n interest.

b. The firm pays $12,500 in preferred stock dividends.

a Complete the fragment of Michaels Corporation’s income statement below to compute the firm’s earnings after taxes and earnings available for common stockholders under condition (a) (Round to the nearest dollar)

EBIT Less:

Interest expense

Earnings before taxes

Less. Taxes (21% )

Earnings after taxes

Less. Preferred dividends

Earnings available tor common stockholders. Get Finance homework help today

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