ACC Inter ch 14 8a)Ginobili Company has Total assets $36,438 Total Liabilities 2

Question

ACC Inter ch 14

8a)Ginobili Company has Total assets $36,438 Total Liabilities 29,505 Net income 4,286 Interest expense 819 Taxes 1,566 What is Ginobili's Times Interest Earned? (Round to 2 decimal places).

8b)Emma Company purchased a machine from Noah Corporation on October 31, 2016. In payment for the $186,600 purchase, Emma issued a one-year installment note to be paid in equal monthly payments of $16,606 at the end of each month. The payments include interest at an annual rate of 12%.

After recording the November 30, 2016 payment, the balance in Notes Payable will be $_______

Explanation / Answer

8a) Time interest earned = Earning before interest and tax/Interest exp

= 4286+819+1566/819

Time interest earned = 8.15 Times

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