E2-12 Analyzing the Effects of Transactions Using T-Accounts; Preparing and Interpreting a Balance Sheet

a) Received $40,000 cash from the company’s founders in exchange for common stock.
b) Purchased land for $12,000, signing a two-year note (ignore interest).
c) Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,000 cash and signed a
d) Paid $2,000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
e) Stockholder Jonah Lee paid $300,000 cash for a house for his personal use.

1) Analyze each item for its effects on the accounting equation of LDS for the year ended December 31.

Activos = Pasivos
Efectivo $ Por Cobrar Equipo Tierra Cuetas Por P Notas por Pa
a) $ 40,000.00
b) $12,000.00 $ 12,000.00
c) -$ 2,000.00 $20,000.00 $ 18,000.00
d) -$ 2,000.00 $ 2,000.00
e) N/A N/A

2) Record the effects of each item using a journal entry.

Debito Credito
a) Efectivo (+A) $40,000.00
Common Stock (+C) $40,000.00

b) Tierra (+A) $12,000.00

Notas Por Pagar (+L) $12,000.00

c) Equipo (+A) $20,000.00

Efectivo (-A) $ 2,000.00
Notas por Pagar (+L) $18,000.00

d) Equipo (+A) $ 2,000.00

Efectivo (-A) $ 2,000.00

e) Es una transaccion personal, no es cuenta de la empresa.

3) Summarize the effects of the journal entries by account, using the T-account format shown in the chapter.

ACTIVOS = PASIVO

EFECTIVO EQUIPO CUENTAS POR PAGAR

 Bal. Ini $0 Bal. Ini
a) $40,000 $2000 (c) $0 c)
$2000 $20,000 d)
(d) $2,000

Bal. Fin Bal. Fin

$36,000 $ 22,000

=
NOTAS POR COBRAR TIERRA NOTAS POR PAGAR
Bal. Ini $0 Bal. Ini
) $ $ () $0 b)
$ () $12,000

Bal. Fin Bal. Fin

$0 $ 12,000

4) Prepare a classified balance sheet for LDS at December 31.

Laser Delivery Services, Inc. Lase

Prueba Balance
al 31 de dic,2021
ACTIVOS
DEBITO CREDITO Activos circulantes
Efectivo
EFECTIVO $36,000.00 Notas por cobrar
EQUIPO $22,000.00 Total de Activos Circulantes
N. POR COBR $ - Equipo
TIERRA $12,000.00 Tierra
C. POR PAG $12,000.00
N. POR PAG $18,000.00
C. STOCK $40,000.00
GAN RETEN

TOTAL $70,000.00 $70,000.00 TOTAL

5) Using the balance sheet, indicate whether LDS’s assets at the end of the year were financed primarily by liabilitie

Los activos de LDS fueron financiados principalmente por el Capital contable, el cual fue de 40,000 mientras que
a Balance Sheet

id $2,000 cash and signed a note due in three years for $18,000 (ignore interest).
one of the trucks.

d December 31.

+ Capital Contable
Common Stock
$ 40,000.00

shown in the chapter.

PASIVO + CAPITAL CONTABLE

CUENTAS POR PAGAR COMMON STOCK

 Bal. Ini Bal. Ini
$0 b) $0 a)
$12,000 $40,000

Bal. Fin Bal. Fin

$12,000 $40,000

NOTAS POR PAGAR

Bal. Ini
$0 c)
$18,000

Bal. Fin
$18,000

Laser Delivery Services, Inc.

Hoja de balance
al 31 de dic,2021
PASIVOS
$ - Pasivos Circulantes $ -
$36,000.00 Cuentas por pagar $12,000.00
$ - Notas por pagar $18,000.00
$36,000.00 Total de Pasivos Circulantes $30,000.00
$22,000.00
$12,000.00 CAPITAL CONTABLE
Acciones $40,000.00
Ganancias Retenidas $ -
Total de Capital Contable $40,000.00

$70,000.00 $70,000.00

nanced primarily by liabilities or stockholders’ equity.

fue de 40,000 mientras que los pasivos fueron de 30,000.

E2-15 Analyzing and Recording Transactions, and Preparing and Evaluating a Balance Sheet

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 paid $35,000 for computer equipment with check number 101 and signed a
note for $5,000 due in six months. 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.

a) Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $12,000.
b) BSC borrowed $30,000 from the bank, promising to repay it in two years.
c) BSC paid $35,000 for computer equipment with check number 101 and signed a note for $5,000 due in six months.
d) BSC received $900 of supplies purchased on account.
e) BSC’s loan contains a clause (“covenant”) that requires BSC to maintain a ratio of current assets to current liabilitie

1) Identify the transactions and analyze their accounting equation effects, using the format shown in the chapter.

Activos = Pasivos
Efectivo $ Por Cobrar Equipo Tierra Cuetas Por P Notas por Pa
a) $12,000.00
b) $30,000.00 $30,000.00
c) -$ 5,000.00 $35,000.00 $30,000.00
d) $ 900.00 $ 900.00
e) N/A N/A

2) Prepare journal entries for the transactions described above and post them to T-accounts.

Debito Credito
a) Efectivo (+A) $12,000.00

Common Stock (+C) $12,000.00

b) Efectivo (+A) $30,000.00

Notas Por Pagar (+L) $30,000.00

c) Equipo (+A) $35,000.00

Efectivo (-A) $ 5,000.00
Notas por Pagar (+L) $30,000.00

d) Equipo (+A) $ 900.00

Cuentas por pagar (+L) $ 900.00

e) N/A
 ACTIVOS = PASIVO

EFECTIVO EQUIPO CUENTAS POR PAGAR

Bal. Ini Bal. Ini
$0 a) $5000 (c) $0 c)
$12,000 b) $35,000 d)
$30,000 $900

Bal. Fin Bal. Fin

$37,000 $ 35900

=
NOTAS POR COBRAR TIERRA NOTAS POR PAGAR
Bal. Ini Bal. Ini
$0 ) $ $ () $0
$ ()

Bal. Fin Bal. Fin

$0 $0

3) Assuming BSC entered into no other activities during its first year ended September 30, prepare the company’s clas

Business Sim Corp. (BSC) Busines

Prueba Balance Hoj
al 30 de Sep,2021 al 30
ACTIVOS
DEBITO CREDITO Activos circulantes
Efectivo
EFECTIVO $37,000.00 Notas por cobrar
EQUIPO $35,900.00 Total de Activos Circulante
N. POR COBR $ - Equipo
TIERRA $ - Tierra
C. POR PAG $ 900.00
N. POR PAG $60,000.00
C. STOCK $12,000.00
GAN RETEN

TOTAL $72,900.00 $72,900.00 TOTAL

4 Determine and explain whether BSC is complying with or violating its loan covenant.

En el punto e) que estoy mencionando al principio de este documento, podemos observar que la
compañía firmo una clausula la cual le indica que su Razon Circulante debe mantenerse por encima de
"1.3", como lo calculamos al finalizar este ejercicio basandonos en sus transacciones durante el año, esta
razon nos da por debajo de lo que ellos se comprometieron a manterla, por lo cual estan vilando el
contrato.
note for $5,000 due in six months.

current assets to current liabilities of at least 1.3.

format shown in the chapter.

+ Capital Contable
otas por Pa Common Stock
$12,000.00
 PASIVO + CAPITAL CONTABLE

CUENTAS POR PAGAR COMMON STOCK

Bal. Ini Bal. Ini
$0 d) $0 a)
$900 $12,000

Bal. Fin Bal. Fin

$900 $12,000

NOTAS POR PAGAR

Bal. Ini
$0 b)
$30,000 c)
$30,000
Bal. Fin
$60,000

ber 30, prepare the company’s classified balance sheet. Include a balance of zero in Retained Earnings.

Business Sim Corp. (BSC)

Hoja de balance
al 30 de Sep,2021
PASIVOS
$ - Pasivos Circulantes $ -
$37,000.00 Cuentas por pagar $ 900.00
$ - Notas por pagar $60,000.00
$37,000.00 Total de Pasivos Circulantes $60,900.00
$35,900.00
$ - CAPITAL CONTABLE
Acciones $12,000.00
Ganancias Retenidas $ -
Total de Capital Contable $12,000.00

$72,900.00 $72,900.00

R. Circulante 0.60755337

observar que la
enerse por encima de
nes durante el año, esta
al estan vilando el