Homework Answers
1:
| ASSET | $ | = | LIABILITY | $ | + | SHAREHOLDER'S EQUITY | $ |
| 12000 | = | 0 | + | Shares issued to kelly | 12000 | ||
2:
| Shares(12000) | 42000 | = | Loan from bank | 30000 | + | Shares | 12000 |
| + cash (30000) | |||||||
3:
| Shares (12000) | 42000 | = | Loan | 30000 | + | Shares | 12000 |
| + cash (30000) | |||||||
| + equipment (40000) | |||||||
|
- note (30000) ($5000 note for 6 months) |
|||||||
| - check (10000) |
4:
| Shares (12000) | 42900 | = | Loan | 30000 | + | Shares | 12000 |
| + cash (30000) | |||||||
| + supplies (900) |
ACCOUNTING EQUATION:
Assets = Liabilities + Shareholder's equity
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Check my work 11 Part 1 of 4 Required information Business Sim Corp (BSC) issued 1,000...
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...
homework Saved Help Save & Exit Submit Check my work Required information Business Sim Corp. (BSC)...
homework Saved Help Save & Exit Submit Check my work Required information 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...
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....
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....
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...
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...
homework Saved Help Save & Exit Submit Check my work Required information 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...
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 $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....
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...
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...
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