1.

Ejercicio E2-12 de la página 85 y

Analyzing the Effects of Transactions Using T-Accounts; Preparing and Interpreting a Balance Sheet
LO 2-2, 2-3, 2-4
Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions occurred during the year:

1. Received $40,000 cash from the company’s founders in exchange for common stock.
2. Purchased land for $12,000, signing a two-year note (ignore interest).
3. 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 note due in three ye
4. Paid $2,000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
5. Stockholder Jonah Lee paid $300,000 cash for a house for his personal use.
Required:

1. Analyze each item for its effects on the accounting equation of LDS for the year ended December 31.
TIP: Transaction (a) is presented below as an example.

TIP: The new motor in transaction (d) is treated as an increase to the cost of the truck.

Assets = Liabilities +
$ 40,000 cash $ 12,000 Accounts Payable (land)
$ 12,000 land $ 18,000 Accounts Payable (trucks)
$ 20,000 trucks $ 300,000 house for personal use
-$ 2,000 cash for trucks
$ 300,000 house for personal use
$ 2,000 new motor truck
-$ 2,000 cash for motor
$ 370,000.00 = $ 330,000
$ 370,000 = $ 370,000

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

TIP: Use the simplified journal entry format shown in this chapter’s demonstration case.

DATE ACCOUNT TITLES & EXPLANAREF CREDIT DEBIT

Day 1 Cash $ 40,000.00
Common Stock $ 40,000.00
(Financing from stakeholders)

Day 2 Land $ 12,000.00

Note payable $ 12,000.00
(Purchase of land and signing a note)

Day 3 Delivery Trucks $ 20,000.00

Cash $2,000
Accounts Payable $ 18,000.00
(Bought 2 delivery trucks and signed a note)

Day 4 New Motor $ 2,000.00

Cash $ 2,000.00
(Repair of one o the trucks)

Day 5 New House for stockholder $ 300,000.00

 Cash $ 300,000.00
(One Stockholder bought a house for his personal use)

3. Summarize the effects of the journal entries by account, using the T-account format shown in the chapter.
Assets Cash
dr(+) cr(-) dr(+) cr(-)
$ 12,000 $ 40,000
$ 20,000 -$ 2,000
$ 2,000 -$ 2,000
-$ 300,000
$ 34,000 $ - $ 40,000 -$ 304,000

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

Laser Delivery Services, Inc. (LDS)
Balance Sheet
At December 31, 2022
Assets
Current Assets
Cash -$ 264,000
Supplies
Total current Assets -$ 264,000
Land $ 12,000
Delivery Trucks $ 22,000
New House
TOTAL ASSETS -$ 230,000
Liabilities & Stockholder's Equity
Current Liabilities
Accounts payable
Total current liabilities $ -
Notes Payable $ 30,000
TOTAL LIABILITIES $ 30,000
Stockholder's Equity
Common stock $ 40,000
TOTAL STOCKHOLDER'S EQUITY -$ 260,000
TOTAL LIABILITIES & STOCKHOLDER'S EQU-$ 230,000

5. Using the balance sheet, indicate whether LDS’s assets at the end of the year were financed primarily by liabilities or
Los activos de la compañía LDS fueron financiados por pasivos, ya que acordaron pagar en un periodo mayor a un año.

Philips, F., Libby, R., y Libby, P. (2019). Fundamentals of Financial Accounting (6.ª ed.). New York, NY. EE.
ed during the year:

cash and signed a note due in three years for $18,000 (ignore interest).

ed December 31.

Stockholder's Equity
$ 40,000 common stock

$ 40,000.00
shown in the chapter.
Accounts Payable Stockholder's Equity
dr(+) cr(-) dr(+) cr(-)
-$ 12,000 -$ 40,000
-$ 18,000 $ 300,000

$ - -$ 30,000 $ 300,000 -$ 40,000

nanced primarily by liabilities or stockholders’ equity.

en un periodo mayor a un año.

 (6.ª ed.). New York, NY. EE. UU.: McGraw-Hill.

1
Ejercicio E2-15 página 86.
E2-15 Analyzing and Recording Transactions, and Preparing and Evaluating a Balance Sheet
LO 2-2, 2-3, 2-4, 2-5
Images

Business Sim Corp. (BSC) issued 1,000 common shares to Kelly in exchange for $12,000. BSC borrowed $30,000 from the bank, promising t
due in six months. BSC received $900 of supplies purchased on account. BSC’s loan contains a clause (“covenant”) that requires BSC to ma
Required:

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

Assets = Liabilities +
Cash equipment Supplies Accounts PayablNotes Payable
a $ 12,000
b $ 30,000 $ 30,000
c -$ 35,000 $ 40,000 $ 5,000
d $ 900 $ 900
$ 7,000 $ 40,000 $ 900 $ 5,900 $ 30,000
$ 47,900 = $ 47,900

2. Prepare journal entries for the transactions described above and post them to T-accounts.
DATE ACCOUNT TITLESREF CREDIT DEBIT Assets
Day 1 Cash $ 12,000.00 dr(+)
Common Stock $ 12,000.00 c $ 40,000
(Financing from stakeholders kelly in exchangefor 1000 common share d $ 900

Day 2 BSC loan $ 12,000.00

Note Payable $ 12,000.00 $ 40,900
(BSC' Loan from bank)

Day 3 cash -$ 35,000.00 Cash

computer equipment $ 40,000.00 dr(+)
account payable $ 5,000.00 a $ 12,000
(BSC' Loan from bank) b $ 30,000

Day 4 BSC loan $ 12,000.00

Note Payable $ 12,000.00 $ 42,000
(BSC' Loan from bank)

Day 5 Supplies $ 9,000.00

account payable $ 9,000.00
(purchase of supplies)

3. Assuming BSC entered into no other activities during its first year ended September 30, prepare the company’s classified
Business Sim Corp. (BSC)
Balance Sheet
At Spetember 30, 2022
Assets
Current Assets
Cash $ 7,000
Computer equipment $ 40,000.00
Supplies $ 900.00
Total current Assets $ 47,900 $ 47,900
Land
Delivery Trucks
New House
TOTAL ASSETS $ 47,900
Liabilities & Stockholder's Equity
 Current Liabilities
Accounts payable $ 5,900
Total current liabilities $ 5,900
Notes Payable $ 30,000
TOTAL LIABILITIES $ 35,900 $ 5,900
Stockholder's Equity
Common stock $ 12,000
retained earnings $ -
TOTAL STOCKHOLDER'S EQUITY $ 12,000
TOTAL LIABILITIES & STOCKHOLDER' $ 47,900

4. Determine and explain whether BSC is complying with or violating its loan covenant.
BSC’s loan contains a clause (“covenant”) that requires BSC to maintain a ratio of current assets to current liabilities of at least 1
Total current Assets $ 47,900
Total current liabilities $ 5,900
8.11864407
No está violando la clusula debido a que el ratio de la empresa es de 8.11, y el prestamo le solictaba al menos mantenerce en 1.3
Los activos circulantes son suficientes para pagar los pasivos circulantes, y de acuerdo con la cantidad de current assets es posible tener una mejor

Philips, F., Libby, R., y Libby, P. (2019). Fundamentals of Financial Accounting (6.ª ed.). New York, NY. EE
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 $5,0
ovenant”) that requires BSC to maintain a ratio of current assets to current liabilities of at least 1.3.

hown in the chapter.

Stockholder's Equity
Common stock
12,000

$ 12,000 $ -

Assets Accounts Payable Stockholder's Equity

cr(-) dr(+) cr(-) dr(+) cr(-)
-$ 5,000 c -$ 12,000 a
-$ 900 d

$ - $ - -$ 5,900 $ - -$ 12,000

Cash Payable Notes

cr(-) dr(+) cr(-)
-$ 30,000 b
-$ 35,000 c

-$ 35,000 $ - -$ 30,000

$ 47,900 -$ 47,900

epare the company’s classified balance sheet. Include a balance of zero in Retained Earnings.
ssets to current liabilities of at least 1.3.

s mantenerce en 1.3
ent assets es posible tener una mejor capacidad de pago

(6.ª ed.). New York, NY. EE. UU.: McGraw-Hill.

number 101 and signed a note for $5,000