The adjusted trial balance for Carla Vista Ltd. at October 31, 2021, contained the following: Accounts payable $58,910 Income tax payable $6,103 Accounts receivable 106,860 Notes payable 220,915 Allowance for doubtful accounts 4,506 Interest expense 50,305 Bonds payable, due 2024 462,600 Lease liability 40,937 Interest payable 16,450 Note receivable, due December 2022 36,700 Income tax expense 12,121 Unearned revenue 10,770 Of the lease liability amount, $27,966 is due within the next year. Total payments on the note payable in the next 12 months will be $22,054, of which $10,994 is for interest. Carla Vista reported profit for the year ended October 31, 2021, of $36,270. Total assets are $2,005,571.
The adjusted trial balance for Carla Vista Ltd. at October 31, 2021, contained the following: Accounts payable $58,910 Income tax payable $6,103 Accounts receivable 106,860 Notes payable 220,915 Allowance for doubtful accounts 4,506 Interest expense 50,305 Bonds payable, due 2024 462,600 Lease liability 40,937 Interest payable 16,450 Note receivable, due December 2022 36,700 Income tax expense 12,121 Unearned revenue 10,770 Of the lease liability amount, $27,966 is due within the next year. Total payments on the note payable in the next 12 months will be $22,054, of which $10,994 is for interest. Carla Vista reported profit for the year ended October 31, 2021, of $36,270. Total assets are $2,005,571.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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plzz answer it properly
Transcribed Image Text:Calculate Carla Vista's debt to total assets and interest coverage ratios for the year ended October 31, 2021. (Round debt to
assets to 0 decimal places, eg. 75% and interest coverage to 1 decimal place, eg. 52.7.)
Debt to total assets
Interest coverage
times
Transcribed Image Text:The adjusted trial balance for Carla Vista Ltd. at October 31, 2021, contained the following:
Accounts payable
$58,910
Income tax payable
$6,103
Accounts receivable
106,860
Notes payable
220,915
Allowance for doubtful accounts
4,506
Interest expense
50,305
Bonds payable, due 2024
462,600
Lease liability
40,937
Interest payable
16,450
Note receivable, due December 2022
36,700
Income tax expense
12,121
Unearned revenue
10,770
Of the lease liability amount, $27,966 is due within the next year. Total payments on the note payable in the next 12 months will be
$22,054, of which $10,994 is for interest. Carla Vista reported profit for the year ended October 31, 2021, of $36,270. Total assets
are $2,005,571.
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