FINANCIAL ACCT-CONNECT
FINANCIAL ACCT-CONNECT
8th Edition
ISBN: 9781266627903
Author: Wild
Publisher: INTER MCG
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Chapter 9, Problem 11QS
Summary Introduction

Introduction:Times interest earned ratio is calculated to check the ability of company in paying the interest to its investors. It is calculated by dividing the earnings before interest & taxes payment by the interest expenses.

To calculate: The times interest earned and interpret it.

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A trial balance will balance even if A. a journal entry to record the purchase of equipment for cash of $52100 is not posted. B. a $13100 cash dividend is debited to dividends for $13100 and credited to cash for $1310. C. a $510 collection on accounts receivable is credited to accounts receivable for $510 without a corresponding debit. D. a purchase of supplies for $595 on account is debited to supplies for $595 and credited to accounts payable for $559.
Equipment costing $15200 is purchased by paying $3800 cash and signing a note payable for the remainder. The journal entry to record this transaction should include a credit to Notes Payable. credit to Notes Receivable. credit to Equipment. debit to Cash.
At December 1, 2025, a company's Accounts Receivable balance was $20160. During December, the company had credit sales of $54000 and collected accounts receivable of $43200. At December 31, 2025, the Accounts Receivable balance is  A. $30960 debit.  B. $30960 credit. C. $74160 debit.  D. $20160 debit.

Chapter 9 Solutions

FINANCIAL ACCT-CONNECT

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