Accounting-You have secured a loan through

| January 30, 2017

Just Need answer

Day 1
How many years will it take $2 million to grow to $7.00 million with an annual interest rate of 8 percent?

What annual rate of return is earned on a $5,000 investment when it grows to $8,500 in five years?

You have secured a loan through “PSU Bank”

$48,000 principle
Length of note: 5 years
Interest: 1 1/2 % (could be expressed as 1.5%)
Buy office supplies: $100
Rent office equipment: $150/month- pay 3 months worth
Rent office space $1500/month- pay 3 months worth and 1 month security deposit (same dollar amount as the monthly rent)
– “Security Deposit” usually listed as an Asset;

same amount as one month’s rent

Day 3
Hire a receptionist: salary: $275/week- Pay on bi-weekly basis – first pay day is Day 12- Work schedule: Mon-Fri 9am-5pm- Today is the first day of employment
Day 4

Provide 120 units of service -70on account and50 for cash
Day 12
Day 30

The 3 corporate directors want a dividend payment.
Can you? The answer is no,why not?

Instead, since they are also officers of the company, pay each of them a salary of $100

Usingthe process for a general ledger system,
prepare the following for your first month of operation:

Trial Balance
Make necessary adjustments(Note: The Receptionist calculates $45 of office suppliesare on hand.)
Adjusted Trial Balance
Close the books for the month and preparethe following financial statements:

Income Statement
Balance Sheet



1. Net Income through 30 days

2.Total assets are

3.Total Liabilities are

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