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Brick Oven Corporation made the following expenditures during the first month of operations: $ 9,000 40,000 Attorneys' fees to organize the corporation Purchase of a patent Legal and other fees for transfer of the patent Advertising Total Required: Determine the financial statement effects of the $131,500 in cash expenditures. Note: Amounts to be deducted should be indicated by a minus sign. Patents Assets 42,500 Balance Sheet Liabilities 2,500 80,000 $ 131,500 Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Expenses Net Income

Brick Oven Corporation made the following expenditures during the first month of operations: $ 9,000 40,000 Attorneys' fees to organize the corporation Purchase of a patent Legal and other fees for transfer of the patent Advertising Total Required: Determine the financial statement effects of the $131,500 in cash expenditures. Note: Amounts to be deducted should be indicated by a minus sign. Patents Assets 42,500 Balance Sheet Liabilities 2,500 80,000 $ 131,500 Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Expenses Net Income

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Brick Oven Corporation made the following expenditures during the first month of operations: Attorneys' fees to organize the corporation Purchase of a patent $ 9,000 40,000 Legal and other fees for transfer of the patent Advertising 2,500 80,000 Total $ 131,500 Required: Determine the financial statement effects of the $131,500 in cash expenditures. Note: Amounts to be deducted should be indicated by a minus sign. Patents Assets 42,500 Balance Sheet Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Expenses Net Income
Transcribed Image Text:Brick Oven Corporation made the following expenditures during the first month of operations: Attorneys' fees to organize the corporation Purchase of a patent $ 9,000 40,000 Legal and other fees for transfer of the patent Advertising 2,500 80,000 Total $ 131,500 Required: Determine the financial statement effects of the $131,500 in cash expenditures. Note: Amounts to be deducted should be indicated by a minus sign. Patents Assets 42,500 Balance Sheet Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Expenses Net Income
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