Bata Corporation a calendar year cCorporation was formed and beganoperaions on Apill1, 2022. The followingexpenses were incurred during the firstyear (April 1 through December 31)Expenses of temporary directions and oforganizational meetings $27000Fee paid to the state of incorporation1,000Accounting services incident toorganization 15,500Legal services for drawing the corporatecharter and bylaws 10,500Expenses incident to the printing andsale of stock certificates 6,000Assuming a § 248 election, what is theBaba's immediate expense underorganizational expenditures for 2022?

Section 248 Election for Organizational Expenditure A small firm has the option to instantly deduct…

Answered: Legal services for drawing the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information Skip to question [The following information applies to the questions displayed below.] For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily conform to U.S. generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $900,000, total liabilities of $100,000, net assets without donor restriction of $400,000, and net assets with donor restrictions of $400,000. This last category is composed of $300,000 in net assets with purpose restrictions and $100,000 in net assets that must be permanently held. At the end of Year 1, financial statements show total assets of $700,000, total liabilities of $60,000, net assets without donor restriction of $340,000, and net assets with donor restrictions of $300,000. This last category is composed of $220,000 in net assets with purpose restrictions and $80,000 in net assets that must be…
Using the Balance Sheet in the St. Johns County, Florida 2015 CAFR calculate the following ratios for each of the five (5) funds shown and for the “Total Governmental Funds:”a. Current Ratiob. Net Working Capitalc. Debt Ratio 1d. Debt Ratio 2e. Unrestricted Net Assets Ratiof. Response Ratio
Exercise 7-6 (Algo) On July 1, 2019, the City of Belvedere accepted a gift of cash in the amount of $3,230,000 from a number of individuals and foundations and signed an agreement to establish a private-purpose trust. The $3,230,000 and any additional gifts are to be invested and retained as principal. Income from the trust is to be distributed to community nonprofit groups as directed by a Board consisting of city officials and other community leaders. The agreement provides that any increases in the market value of the principal investments are to be held in trust; if the investments fall below the gift amounts, then earnings are to be withheld until the principal amount is re- established. The following events and transactions occurred during the fiscal year ended June 30, 2020. Record them in the Belvedere Community Trust Fund: 1. On July 1, the original gift of cash was received. 2. On August 1, $2,191,000 in XYZ Company bonds were purchased at par plus accrued interest ($36,517).…
please assist need answer for all with full working please answer in text not image answer in detail with explanation , computation , formulation very thanks
1. A state corp, all of whose business os done within the city, showed the following for 2018: Entire net income $1000 Salaries to Office deducted in determining entire net income $40000 Average capital $450000 The corp's city business tax payable {assuming a 7% rate on income and a .001 rate on capital) is A. $546 B. $450 C.$70 D. $25
The board of commissioners of the City of Hartmoore adopts a general fund budget for the year ending June 30, 2024. It includes revenues of $1,250,000, bond proceeds of $612,500; appropriations of $927,500, and operating transfers out of $525,000. Required: a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? b. If this budget is formally integrated into the accounting records, what later entry is required? Complete this question by entering your answers in the tabs below. Required A Required B If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list
Problem 3 The Town of Portsmouth has at the beginning of the year a $213,000 Net Asset balance, and a $52,000 Fund Balance. The following information relates to the activities within the Town of Portsmouth for the year of 20X3. Image included Compensated absences are legally owed to general government workers. Required: Prepare a Statement of Revenues, Expenditures, and Other Changes in Fund Balances for the year ended December 31, 20X3.
The cooperative operates its plan according to a five-year base period. Suppose the board of directorshas determined that the cooperative must have an additional $300 of equity capital to meet its financialrequirements during the next year. The balance of each member's equity account is shown in column2 of the table. Patronage attributable to each member during the five-year base period is shown incolumn 3. Required : Calculate The adjustment to be made in each member's equity account
Relationship between budgetary fund balance and actual fund balance The Village of Albert’s Alley recorded the following budgetary journal entry at the beginning of fiscal 2022: Estimated revenue 5,000,000 Appropriations 4,950,000 Budgetary fund balance 50,000 At the end of fiscal 2022, what would be the effect on the ending actual fund balance, assuming the following: a. Actual revenues are $3,000 less than estimated revenues, and actual expenditures are $2,000. The actual ending fund balance would increase by?
Which items are required by the SEC to be included in the Form 10-K? Question 14 options: Customer accounts, legal proceedings, financial statements. Executive compensation, properties, list of all shareholders by name. Financial statements and supplementary data, properties, risk factors. Legal proceedings, three-year summary of financial data, risk factors
Accounting The following information is available for Phelan City for the year ended December 31, 2022: Total governmental fund balance was $3,000,000 The City had $1,000,000 of capital assets in place at the beginning of the year. The City acquired $800,000 in capital assets during the current year. Accumulated depreciation including the current year depreciation on capital assets $220,000 The City sold capital assets with a book value of $240,000 for $250,000. The City issued, during the current year, $3,000,000 in general obligation bonds and the bonds are to be used for a construction project. No other bonds were issued in previous periods. At the end of the year accrued interest payable was $180,000, not legally due. Revenue accrued but not available for current period use totaled $160,000. The balance in the government-wide governmental activities net position is equal to: Group of answer choices $1,160,000. $1,310,000. $1, 320,000. $1,330,000.
25

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Legal services for drawing the corporate charter and bylaws 10,500 Expenses incident to the printing and sale of stock certificates 6,000 Assuming a § 248 election, what is the Baba's immediate expense under organizational expenditures for 2022?