Freitas Corporation was organized early in 2024. The following expenditures were made during the first few months
Question:
Freitas Corporation was organized early in 2024. The following expenditures were made during the first few months of the year:
Required:
Prepare a summary journal entry to record the $107,000 in cash expenditures.
Transcribed Image Text:
Attorneys' fees in connection with the organization of the corporation State filing fees and other incorporation costs Purchase of a patent Legal and other fees for transfer of the patent Purchase of equipment Preopening salaries and employee training Total $ 12,000 3,000 20,000 2,000 30,000 40,000 $107,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (4 reviews)
Organization cost expense1200...View the full answer
Answered By
Ajeet Singh
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions.
I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life.
I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge.
I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields.
Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a teacher. I have done plenty of studying and lots of learning on many exciting and challenging topics. All these experiences have influenced my decision to take on the teaching role in various capacities. As a tutor, I am looking forward to getting to understand your needs and helping you achieve your academic goals. I'm highly flexible and contactable. I am available to work on short notice since I only prefer to work with very small and select groups of students.
4.90+
7+ Reviews
15+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Freitas Corporation was organized early in 2013. The following expenditures were made during the first few months of the year: Attorneys fees in connection with the organization of the...
-
Freitas Corporation was organized early in 2018. The following expenditures were made during the first few months of the year: Attorneys' fees in connection with the organization of the corporation...
-
Freitas Corporation was organized early in 2011. The following expenditures were made during the first few months of the year: Required: Prepare a summary journal entry to record the $107,000 in...
-
In Exercises use a graphing utility to graph the curve represented by the parametric equations. Indicate the direction of the curve. Identify any points at which the curve is not smooth. Curtate...
-
Historical data show that customers who download music from a popular Web service spend approximately $ 26 per month, with a standard deviation of $ 4. Find the probability that a customer will spend...
-
a. Why are ratios useful? What are the five major categories of ratios? b. Calculate the 2016 current and quick ratios based on the projected balance sheet and income statement data. What can you say...
-
What are the three components of an Expert System (ES) program? Explain what each component does.
-
Proration of overhead with two indirect cost pools. New Rise, Inc., produces porcelain figurines. The production is semi-automated where the figurine is molded almost entirely by operator-less...
-
Evaluation a. Evaluate the effectiveness of social media marketing campaign for instagram, facebook and pintrest ?based on your KPIs for example account reached, content reached, likes, shares,...
-
Sean Nah, the bookkeeper for Revell Co., received a bank statement from Lone Bank. Sean noticed a $250 mistake made by the bank in the company's favor. Sean called his supervisor, who said that as...
-
The fact that generally accepted accounting principles allow companies flexibility in choosing between certain allocation methods can make it difficult for a financial analyst to compare periodic...
-
Refer to the situation described in BE 1014. Answer the questions assuming that the fair value of the equipment was $24,000, instead of $17,000. Data from in BE 10-14 Calaveras Tire exchanged...
-
Work each of the following. Find all points (x, y) with x = y that are 4 units from (1, 3).
-
Most borrowers only pay attention to the monthly payment when taking out a loan. Why do you think this is? How can this benefit the lender?
-
Calculate the equivalent annual benefit (or cost) for each group of machines (Behemoth and Shikari). Based on such calculations, which machines should Mr. Moore buy, Behemoth or Shikari? is this...
-
1. What is Opportunity Cost of Credit 2. What are the other charges and their Effect on Cost of Credit
-
A 10-year Treasury bond has a coupon of 3% Current YTM= 2.5%; current price = $104.40 You think interest rates will go up by 50 basis point next four months What would be the future price of bond?
-
You are evaluating Atlas fund. The following data, relating to the performance of the Atlas Fund and the Market Portfolio over a recent year, are available. Measure Atlas Fund Market Portfolio...
-
Consider the Home Depot "10-Year Summary of Financial and Operating Results" shown at the end of Appendix A. Assume that Home Depot designates each of the countries in which it operates as an...
-
Classify each of the following as direct costs or indirect costs of operating the Pediatrics ward for children at the Cleveland Clinic: a. Wi-Fi covering the entire hospital campus b. Net cost of...
-
The following facts apply to Walken Company during December 2013: a. Walken began December with an accounts receivable balance (net of bad debts) of 25,000. b. Walken had credit sales of 85,000. c....
-
Search on the Internet for the 2010 annual report for Sanofi-Aventis . Find the accounts receivable disclosure note. Required: 1. Sanofi-Aventis subtracts impairment from the gross value of accounts...
-
The table below contains selected financial information included in the 2011 financial statements of Del Monte Foods Co. and Smithfield Foods Inc. Required: 1. Calculate the 2011 receivables turnover...
-
Whirly Corporation's contribution format income statement for the most recent month is shown below: Sales (7,500 units) Variable expenses Contribution margin Fixed expenses Net operating income....
-
After she stopped at the stop sign and looked both ways, Donna pulled onto a roadway and turned right onto Johnson Road.She did not see the Plaintiff's vehicle traveling on Johnson Road. When the...
-
Fuji Co. is growing quickly. Dividends are expected to grow at a rate of 28 percent for the next three years, with the growth rate falling off to a constant 7 percent thereafter. If the required...
Study smarter with the SolutionInn App