Required information E2-15 (Static) Analyzing and Recording Transactions, and Preparing and Evaluating a Balance Sheet (LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5) The following information applies to the questions displayed below) Business Sim Corporation (BSC) entered into the following four transactions: (a) Issued 1.000 common shares to Kelly in exchange for $12,000. (b) Borrowed $30,000 from the bank, promising to repay it in two years. (c) Bought computer equipment by signing check number 101 in the amount of $35,000 and signing a promissory note for $5,000 due in six months. This loan contains a clause ("covenant") that requires Business Sim Corporation (BSC) to maintain a ratio of current assets to current liabilities of at least 1.3. (d) Received $900 of supplies and promised to pay for them in 30 days. E2-15 (Static) Part 3 3. Assuming Business Sim Corporation (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 Answer is not complete. BUSINESS SIM CORPORATION Balance Sheet At September 30 Liabilities Current Liabilities $ 7,000 Accounts Payable 900 Notes Payable (short-term) Assets Current sots Cash Supplies OOO OOOOO $ 900 5,000 Total Current Assets 7,000 Total Current Liabilities 5.900 E2-15 (Static) Part 3 3. Assuming Business Sim Corporation (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 Answer is not complete. BUSINESS SIM CORPORATION Balance Sheet At September 30 Liabilities Current Liabilities s 7,000 Accounts Payable 900 Notes Payable (short-term) Assets 0000 Current Assets Cash Supplies 900 5,000 Total Current Liabilities Total Current Assets Equipment E 7.900 40.000 5.900 30,000 Notes Payablo (long-term) 35,900 Total Liabilities Stockholders' Equity Common Stock Retained Earings OO 12.000 0 12.000 47.900 Total Assets IS 47.900 Total Liabilities and Stockholders' Equity