Homework Answers
Balance Sheet:
| BUSINESS SIM CORP. | |||
| Balance Sheet | |||
| At September 30 | |||
| Assets | Liabilities and stockholders' equity | ||
| Current Assets: | Current liabilities: | ||
| Cash | $30,000 | Accounts payable | $1,350 |
| Supplies | $1,350 | Notes payable (due in 6 months) | $8,000 |
| Total current assets | $31,350 | Total current liabilities | $9,350 |
| Long-term debt: | |||
| Property,plant,and equipment: | Notes payable (due in 2 years) | $48,000 | |
| Equipment | $53,000 | Total liabilities | $57,350 |
| Stockholders' equity: | |||
| Common stock | $27,000 | ||
| Retained earnings | $0 | ||
| Total stockholders' equity | $27,000 | ||
| Total Assets | $84,350 | Total liabilities and stockholders' equity | $84,350 |
Calculations:
| Cash | |
| $27,000 | $53,000 |
| $48,000 | |
| $8,000 | |
| Bal. $30,000 | |
Balances:
| Cash | $30,000 |
| Supplies | $1,350 |
| Equipment | $53,000 |
| Accounts payable | $1,350 |
| Notes payable (due in 6 months) | $8,000 |
| Notes payable (due in 2 years) | $48,000 |
| Common stock | $27,000 |
Add Answer to:
Business Sim Corp. (BSC) issued 2,000 common shares to Kelly In exchange for $27,000. BSC borrowed...
Business Sim Corp. (BSC) issued 2,000 common shares to Kelly In exchange for $27,000. BSC borrowed...
Business Sim Corp. (BSC) issued 2,000 common shares to Kelly In exchange for $27,000. BSC borrowed $48,000 from the bank, promising to repay it in two years. BSC paid $53,000 for computer equipment with check number 101 and signed a note for $8,000 due in six months. BSC received $1,350 of supplies purchased on account. BSC's loan contains a clause ("covenant") that requires BSC to maintain a ratio of current assets to current liabilities of at least 2.4 E2-15 Part...
Business Sim Corp. (BSC) issued 2,000 common shares to Kelly in exchange for $27,000. BSC borrowed...
Business Sim Corp. (BSC) issued 2,000 common shares to Kelly in exchange for $27,000. BSC borrowed $48,000 from the bank, promising to repay it in two years. BSC paid $53,000 for computer equipment with check number 101 and signed a note for $8,000 due in six months. BSC received $1,350 of supplies purchased on account. BSC's loan contains a clause ("covenant) that requires BSC to maintain a ratio of current assets to current liabilities of at least 2.4. E2-15 Part...
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $10,000. BSC borrowed...
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in
exchange for $10,000. BSC borrowed $31,000 from the bank, promising
to repay it in two years. BSC paid $36,000 for computer equipment
with check number 101 and signed a note for $3,000 due in six
months. BSC received $500 of supplies purchased on account. BSC’s
loan contains a clause (“covenant”) that requires BSC to maintain a
ratio of current assets to current liabilities of at least
1.4.
Required information...
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $10,000....
Required information
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in
exchange for $10,000. BSC borrowed $31,000 from the bank, promising
to repay it in two years. BSC paid $36,000 for computer equipment
with check number 101 and signed a note for $3,000 due in six
months. BSC received $500 of supplies purchased on account. BSC’s
loan contains a clause (“covenant”) that requires BSC to maintain a
ratio of current assets to current liabilities of at least 1.4....
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $11,000....
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $11,000. BSC borrowed $32,000 from the bank, promising to repay it in two years. BSC paid $37,000 for computer equipment with check number 101 and signed a note for $4,000 due in six months. BSC received $550 of supplies purchased on account. BSC's loan contains a clause (covenant") that requires BSC to maintain a ratio of current assets to current liabilities of at least 1.3....
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $11,000....
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $11,000. BSC borrowed $32,000 from the bank, promising to repay it in two years. BSC paid $37,000 for computer equipment with check number 101 and signed a note for $4,000 due in six months. BSC received $550 of supplies purchased on account. BSC's loan contains a clause ("covenant") that requires BSC to maintain ratio of current assets to current liabilities of at least 1.3. 4-a....
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $12,000. BSC borrowed...
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $12,000. BSC borrowed $30,000 from the bank, promising to repay it in two years. BSC purchased computer equipment for $40,000, signing a six-month note for $5,000, and paying the balance with check number 101. BSC received $900 of supplies purchased on account. BSC’s loan contains a clause (“covenant”) that requires BSC to maintain a ratio of current assets to current liabilities of at least 1.3. Calculate the...
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $11,000....
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $11,000. BSC borrowed $32,000 from the bank, promising to repay it in two years. BSC paid $37,000 for computer equipment with check number 101 and signed a note for $4,000 due in six months. BSC received $550 of supplies purchased on account. BSC's loan contains a clause ("covenant") that requires BSC to maintain a ratio of current assets to current liabilities of at least 1.3....
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $12,000. BSC borrowed...
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in
exchange for $12,000. BSC borrowed $30,000 from the bank, promising
to repay it in two years. BSC purchased computer equipment for
$40,000, signing a six-month note for $5,000, and paying the
balance with check number 101. BSC received $900 of supplies
purchased on account. BSC’s loan contains a clause (“covenant”)
that requires BSC to maintain a ratio of current assets to current
liabilities of at least 1.3.
Identify the...
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $12,000. BSC borrowed...
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in
exchange for $12,000. BSC borrowed $30,000 from the bank, promising
to repay it in two years. BSC purchased computer equipment for
$40,000, signing a six-month note for $5,000, and paying the
balance with check number 101. BSC received $900 of supplies
purchased on account. BSC’s loan contains a clause (“covenant”)
that requires BSC to maintain a ratio of current assets to current
liabilities of at least 1.3.
Identify the...
Business Sim Corp. (BSC) issued 2,000 common shares to Kelly In exchange for $27,000. BSC borrowed $48,000 from the bank, promising to repay it in two years. BSC paid $53,000 for computer equipment with check number 101 and signed a note for $8,000 due in six months. BSC received $1,350 of supplies purchased on account. BSC's loan contains a clause ("covenant") that requires BSC to maintain a ratio of current assets to current liabilities of at least 2.4 E2-15 Part...
Business Sim Corp. (BSC) issued 2,000 common shares to Kelly in exchange for $27,000. BSC borrowed $48,000 from the bank, promising to repay it in two years. BSC paid $53,000 for computer equipment with check number 101 and signed a note for $8,000 due in six months. BSC received $1,350 of supplies purchased on account. BSC's loan contains a clause ("covenant) that requires BSC to maintain a ratio of current assets to current liabilities of at least 2.4. E2-15 Part...
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in
exchange for $10,000. BSC borrowed $31,000 from the bank, promising
to repay it in two years. BSC paid $36,000 for computer equipment
with check number 101 and signed a note for $3,000 due in six
months. BSC received $500 of supplies purchased on account. BSC’s
loan contains a clause (“covenant”) that requires BSC to maintain a
ratio of current assets to current liabilities of at least
1.4.
Required information...
Required information
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in
exchange for $10,000. BSC borrowed $31,000 from the bank, promising
to repay it in two years. BSC paid $36,000 for computer equipment
with check number 101 and signed a note for $3,000 due in six
months. BSC received $500 of supplies purchased on account. BSC’s
loan contains a clause (“covenant”) that requires BSC to maintain a
ratio of current assets to current liabilities of at least 1.4....
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $11,000. BSC borrowed $32,000 from the bank, promising to repay it in two years. BSC paid $37,000 for computer equipment with check number 101 and signed a note for $4,000 due in six months. BSC received $550 of supplies purchased on account. BSC's loan contains a clause (covenant") that requires BSC to maintain a ratio of current assets to current liabilities of at least 1.3....
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $11,000. BSC borrowed $32,000 from the bank, promising to repay it in two years. BSC paid $37,000 for computer equipment with check number 101 and signed a note for $4,000 due in six months. BSC received $550 of supplies purchased on account. BSC's loan contains a clause ("covenant") that requires BSC to maintain ratio of current assets to current liabilities of at least 1.3. 4-a....
Required information Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $11,000. BSC borrowed $32,000 from the bank, promising to repay it in two years. BSC paid $37,000 for computer equipment with check number 101 and signed a note for $4,000 due in six months. BSC received $550 of supplies purchased on account. BSC's loan contains a clause ("covenant") that requires BSC to maintain a ratio of current assets to current liabilities of at least 1.3....
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in
exchange for $12,000. BSC borrowed $30,000 from the bank, promising
to repay it in two years. BSC purchased computer equipment for
$40,000, signing a six-month note for $5,000, and paying the
balance with check number 101. BSC received $900 of supplies
purchased on account. BSC’s loan contains a clause (“covenant”)
that requires BSC to maintain a ratio of current assets to current
liabilities of at least 1.3.
Identify the...
Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in
exchange for $12,000. BSC borrowed $30,000 from the bank, promising
to repay it in two years. BSC purchased computer equipment for
$40,000, signing a six-month note for $5,000, and paying the
balance with check number 101. BSC received $900 of supplies
purchased on account. BSC’s loan contains a clause (“covenant”)
that requires BSC to maintain a ratio of current assets to current
liabilities of at least 1.3.
Identify the...
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