Business Sim Corp. (BSC) issued 1,500 common shares to Kelly in exchange for $19,000. BSC borrowed $40,000 from the bank, promising to repay it in two years. BSC purchased computer equipment for $51,000, signing a six-month note for $6,000, and paying the balance with check number 101. BSC received $950 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 2.0. Required:
a. Assuming BSC entered into no other activities during its first year ended September 30, prepare the company’s classified balance sheet. Include a balance of zero in Retained Earnings.
b. Identify the transactions and analyze their accounting equation effects.
c. Prepare journal entries for the transactions described above and post them to T-accounts.
d. Determine and explain whether BSC is complying with or violating its loan covenant.

%of the world's population controls approximately % of the world's finances (the sum of gross domestic products)" quizlket

Why is investing in a mutual fund less risky than investing in a particular company’s stock?

For each of the following cases determine the ending balance in the inventory account. (hint: first, determine the total cost of inventory available for sale. next, subtract the cost of the inventory sold to arrive at the ending balance.)a. jill’s dress shop had a beginning balance in its inventory account of $40,000. during the accounting period jill’s purchased $75,000 of inventory, returned $5,000 of inventory, and obtained $750 of purchases discounts. jill’s incurred $1,000 of transportation-in cost and $600 of transportation-out cost. salaries of sales personnel amounted to $31,000. administrative expenses amounted to $35,600. cost of goods sold amounted to $82,300.b. ken’s bait shop had a beginning balance in its inventory account of $8,000. during the accounting period ken’s purchased $36,900 of inventory, obtained $1,200 of purchases allowances, and received $360 of purchases discounts. sales discounts amounted to $640. ken’s incurred $900 of transportation-in cost and $260 of transportation-out cost. selling and administrative cost amounted to $12,300. cost of goods sold amounted to $33,900.a& b. cost of goods avaliable for sale? ending inventory?