- Homework Required information E2-15 Analyzing and Recording Transactions, and Preparing and Evaluating a Balance Sheet (LO 2-2, LO 2-3, LO 2-4, LO 2-5) Business Sim Corp. (BSC) issued 1,500 common shares to Kelly in exchange for $21,000. BSC borrowed $42,000 from the bank, promising to repay it in two years. BSC paid $47,000 for computer equipment with check number 101 and signed a note for $6,000 due in six months. BSC received $1,050 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 22. E2-15 Part 3 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 BUSINESS SIM CORP. Balance Sheet At September 30 Assets Liabilities Cash Supplies Accounts Payable Notes Payable (short-term) Total Current Assets Equipment Total Current Liabilities Notes Payabile long-term) Total Labs Stockholders' Equity Common Stock Rotaned Earnings Total Stockholders' Equity T otal Liabilities and Stockholders' Equity Total Assets $ o Homework Sed Required information E2-15 Analyzing and Recording Transactions, and Preparing and Evaluating a Balance Sheet (LO 2-2, LO 2-3, LO 2-4, LO 2-5) Business Sim Corp (BSC) issued 1,500 common shares to Kelly in exchange for $21,000. BSC borrowed $42.000 from the bank, promising to repay it in two years. BSC paid $47.000 for computer equipment with check number 101 and signed a note for $6,000 due in six months. BSC received $1,050 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 2.2 E2-15 Part 4 4-a. Calculate the current ratio of BSC. 4-b. Whether BSC is complying with or violating its loan covenant. Complete this question by entering your answers in the tabs below. Req 4A Req 48 Calculate the current ratio of BSC. Current Ratio Numerator saved omework Required information E2-15 Analyzing and Recording Transactions, and Preparing and Evaluating a Balance Sheet (LO 2-2, LO 2-3, LO 2-4, LO 2-5) Business Sim Corp. (BSC) issued 1,500 common shares to Kelly in exchange for $21,000. BSC borrowed $42,000 from the bank, promising to repay it in two years. BSC paid $47,000 for computer equipment with check number 101 and signed a note for $6,000 due in six months. BSC received $1,050 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 2.2. E2-15 Part 4 4-a. Calculate the current ratio of BSC. 4-b. Whether BSC is complying with or violating its loan covenant Complete this question by entering your answers in the tabs below. Req 4A Req 48 Whether BSC is complying with or violating its fan covenant. BSC is foon covenant