Homework Answers
Cash balance = $27,000 + $48,000 - $53,000 = $22,000
Supplies = $1,350
Accounts payable = $1,350
Notes payable (Short term) = $8,000
Current assets = Cash + Supplies = $22,000 + $1,350 = $23,350
Current liabilities = Accounts payable + Notes payable (Short term) = $1,350 + $8,000 = $9,350
Req. 4A
| Numerator | Current assets | = | $23,350 | = | 2.50 |
| Denominator | Current liabilities | $9,350 |
Req. 4B
Yes.BSC is complying with its loan covenant.
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Business Sim Corp. (BSC) issued 2,000 common shares to Kelly In exchange for $27,000. BSC borrowed...
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 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 24 E2-15 Part...
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...
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 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 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....
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 24 E2-15 Part...
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 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 a ratio of current assets to current liabilities of at least 1.3....
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