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    glenda0724's Avatar
    glenda0724 Posts: 1, Reputation: 1
    New Member

    Sep 5, 2013, 10:52 AM
    Corporate Finance
    Income Statement: Like Books Inc. recently reported $3 millionof net income. Its EBIT was $6 million, and its tax rate was 40%. What was its interest expense? Then divide $3 million of net income by (1-T)=0.6 to find the pretax income. The difference between eBIT and taxable income must be the interest expense.
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
    Uber Member

    Sep 5, 2013, 12:30 PM
    SInce this is homeowrk... and we don't do homework per the site rules... whats your answer to it?

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