Reference no: EM132823891
Problem
The HR department hired 5 new employees and received confirmed signed contracts. The pay for the 5 new hires are as follows: $35,000; 50,000; 70,000; 80,000 and the last hire is a summer intern that will be paid $17/hour for a 40-hour work week.
b. The recruitment team spent $17,000 to purchase company "swag", as well as printing materials, which they will use to promote their company at university student recruitment events.
c. Wages, and salaries for the month of March were paid in cash for all earnings by employees in the head corporate office; the total for this was $2,488,000.
d. The HR department recently received approval on their proposal to implement a new payroll system. They signed an agreement with the vendor and your company purchased this for $350,000.
e. An external strategy coach was hired to conduct facilitation classes for the HR team. The coach charges $250/hour and has spent a total of 48 hours to conduct these classes for the team. The coach has not yet been paid.
Questions
1) Analyze the business transactions using the accounting equation.
2) What ratios would you use to get a better understanding of the company's current state?
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