The beginning balances should be entered in the general ledger as of April 30, 2017, as
follows:
A. Beg. Bal
Supplies
(Beg. Bal 500]
Equipment,
[Beg.Bal___ 24000]
‘Accounts Payable
72100 Beg. Bal
Notes Payable
110000 Beg. Bal
neared Service Revenue
1000 Beg. Bal
Common Stock
‘5000 Beg. Bal
Retained Earnings
11400 Beg. Bal
D.
Prepare the trial balance as follows:
PM Salonine.
Trial Balance
As on May 31, 2017
Account Titles Debit ($) Credit ($)
Cash 5100
Supplies 1200
Equipment 24000
‘Accounts Payable 1200
Unearned Service Revenue 1200
Notes Payable 10000
Common Stock 5000
Retained Earnings 11400
Service Revenue 6000
Salaries Expense 2400
Rent Expense 1000
Advertising Expense 500
Utilities Expense 400
Interest Expense 50
Income Tax Expense 150
Total 34800-34800
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Answer (1)
<em>False</em>
Explanation:
Getting a paycheck is not what most people want out of their job, <em>studies have shown that some people, contrary to the general believe actually look for other things asides paycheck from their jobs.</em> Some of these factors that encourages people into finding fulfillment in their jobs includes permanent flexibility of the working time, commitment into to health and well being of the staffs by the employer of these people, etc. <em>This factors creates a sense of purpose in the workers, encouraging them to put their body and soul into the job without thinking too much about the paycheck.</em>
Answer (2)
<em>True</em>
Explanation:
<em>Different people have different reasons for working</em>, although some just work for the paycheck, others are driven by a sense of purpose among other things. To some people, the work setting provides a sort of belonging and gives them the impression of working in a team, which is what most people actually want.
Answer (3)
<em>2. Belongingness</em>
<em></em>
Explanation:
As stated, some workers just want the setting that provides a sense of belonging and security within a team. <em>This type of workers are not too concerned with the paycheck increase that comes with a promotion if it takes them away from their perceived team.</em>
Answer:
Worth of scholarship today = $1,000,000
Explanation:
<em>The value of the scholarship can be determined using the present value of a growing perpetuity. A growing perpetuity is an indefinite annual payment that increases by a constant percentage.</em>
<em>The applicable formula is given below;</em>
<em>PV = A/r-g</em>
A-annual payment one year from now - 35,000
r- interest discount rate - 9.,
g- growth rate - 5.5
The value of the gifts today
= 35,000/(0.09-0.055)
= $1,000,000
