Slim Fast Corporation, a calendar year C Corporation, is formed and begins business on April 1, 2015. Slim Fast incurs the following transactions in connection with the formation of the business: Organizational expenditures of $54,000 How much deduction will Slim Fast Corporation be able to take as organizational expenditures for 2015?
Q: Financial Accounting Question please answer
A: Step 1: Analysis of information providedAmount needed in future for tuition is $2,290 and time…
Q: General Accounting
A: Step 1: Calculate the current ratio using the formula• Current Ratio = Current Assets ÷ Current…
Q: Financial Accounting Question Solution
A: Step 1: Introduction to cost of a productThe cost of a product refers to the total amount of…
Q: Solve this question financial accounting
A: Step 1: Define Present ValueThe present value of an expected amount denotes the amount to be…
Q: Need help with this accounting questions
A: Step 1: Definition of After-Tax Cash Flow from Asset SaleThe after-tax cash flow from an asset sale…
Q: Subject: financial accounting
A: Explanation of Price-Earnings (P/E) Ratio: The price-earnings ratio measures how much investors are…
Q: Common stockholders equity?
A: Calculation for return on common stockholders' equity (ROE): Return on Common Stockholders'…
Q: Need help with this accounting question please answer do fast
A: To calculate the present value (PV) of the bond, we combine the present value of the coupon payments…
Q: I need this question answer general accounting
A: Step 1: Define Financial RatiosIn management accounting, financial ratios are tools that can be used…
Q: Please solve this question financial accounting
A: Step 1:Calculate the days of inventory outstanding: Days of inventory outstanding = Average…
Q: I want to this question answer general Accounting
A: The problem involves finding the amount of dividends distributed by Edwards Corporation during the…
Q: Please solve this accounting problem
A: The formula shown in the spreadsheet uses Excel's built-in RATE function to calculate the interest…
Q: Uma Company uses the allowance method of accounting for uncollectable accounts. On May 3, the Uma…
A: Step 1: Introduction to allowance for uncollectible accountsThe allowance for uncollectible accounts…
Q: Need help with this financial accounting question please solve
A: Step 1: Define Simple InterestThe simple interest amount on a given investment amount does not take…
Q: Can you please solve this financial accounting question?
A: Step 1: Define Payday LoanA payday loan is a debt availed for a short span and is remitted along…
Q: Provide answer
A: Step 1: Introduction to closing entriesClosing entries are journal entries made at the end of an…
Q: wanted this account solutions
A: The lower of cost or market (LCM) method is a conservative accounting principle used to value…
Q: Answer this general accounting question
A: Step 1: Calculate total revenues: Sales Revenue + Service RevenueStep 2: Calculate total expenses:…
Q: What was the company's gross profit margin percentage?
A: Step 1: Define Gross ProfitGross profit is a financial matrix that refers to the total amount of…
Q: account general
A: Step 1: Identify the given dataStep 2: Use the formula for the operating income differenceStep 3:…
Q: General Account Teacher solve
A: To compute the lower of cost or market (LCM) for Martinez Company's ending inventory, we compare the…
Q: Calculate the gross profit ratio for 2012? General accounting
A: To calculate the Gross Profit Ratio for 2012, we first need to determine the gross profit for that…
Q: General accounting question
A: Step 1: Definition of High-Low MethodHigh-Low Method: The high-low method is used to estimate the…
Q: At the end of the first year of operations, 6,400 units remained in the finished goods inventory.…
A: To determine the cost of the finished goods inventory under both absorption costing and variable…
Q: Kindly help me with general accounting question
A: Step 1: Define Generally Accepted Accounting PrinciplesThe Generally Accepted Accounting Principles…
Q: Financial Accounting
A: Step 1: Information givenSales = $3,740,000Cost of goods sold = $2,245,600Selling and administration…
Q: Calculate it's opreting cash flow?
A: To calculate the operating cash flow (OCF), we can use the following…
Q: Last year, the House of Pink had sales of $736,750, net operating income of $61,000, and operating…
A: Explanation of Turnover:Turnover, also known as asset turnover, is a financial ratio that measures a…
Q: Provide answer general accounting
A: Step 1: Define Absorption CostingIn cost accounting, absorption costing refers to the proper…
Q: On March 1 of the previous year, a parent sold stock with a cost of $8,000 to her child for $6,000,…
A: Step-By-Step Explanation Step 1: Understand the Parent's Sale to the ChildDate: March 1 of the…
Q: Table format
A: Concept of Allowance Method:The allowance method is a technique used in accounting to estimate and…
Q: Compute the unit product cost ?
A: Step 1: Define Absorption CostingUnder the absorption costing, we allocate all the production costs…
Q: Please provide this question solution general accounting
A: Step 1:The other comprehensive income or loss includes unrealized gain or loss on available-for-sale…
Q: Please given correct answer general accounting
A: Step 1: Define Effect of Net Income on the Accounting Equation:The main objective of every business…
Q: What is the number of shares outstanding?
A: Here's how we can calculate it:Shares originally issued: 60,000Shares reacquired: 10,000Formula:…
Q: Sheldon Inc. is the leading manufacturer of personal computers. In a recent year, it reported the…
A: Step 1: Calculate Average Inventory• Average Inventory = (Beginning Inventory + Ending Inventory) /…
Q: General Account
A: Step 1: Calculate Equivalent Units of Production (EUP) for MaterialsThe formula for EUP under the…
Q: Financial Accounting
A: Step 1: Define Present ValueAn investment's present value refers to the total required today's costs…
Q: DJ Chase carries portfolios of both trading securities and available-for-sale securities. At the end…
A: Explanation of Trading Securities:Trading securities are short-term investments in financial…
Q: Financial Accounting
A: As per CAPM, Cost of Equity Capital = Risk-free rate + Beta*Market Risk Premium Cost of Equity…
Q: can you please post it in general account tutors feed?
A: Step 1: Understand the RequirementFinished goods inventory is consistently maintained at 80% of the…
Q: Don't use ai given answer accounting questions
A: To calculate the cash proceeds for Martinez Manufacturing, we first need to calculate the discount…
Q: A business purchased equipment for $165,000 on January 1, 2021. The equipment will be depreciated…
A: Step 1: Introduction to depreciationDepreciation is referred to a method of expensing the cost of a…
Q: Calculate vintages return on equity and units?
A: To calculate the return on equity (ROE) for Vintage, Inc., we use the formula:ROE=Net Profit…
Q: In its first month of operations, Bonita Industries made three purchases of merchandise in the…
A: Step 1: Summarize PurchasesBonita Industries made the following purchases:PurchaseQuantityUnit Cost…
Q: General accounting
A: Step 1: Define Under- or Over-Applied Manufacturing OverheadA company's under- or over-applied…
Q: In the Crane Company, indirect labor is budgeted for $86,000, and factory supervision is budgeted…
A: Explanation of Flexible Budget:This is a dynamic budget that adjusts automatically for changes in…
Q: Which of the following is a temporary difference classified as a revenue or gain that is taxable…
A: The correct answer is:d) Sales accounted for on the accrual basis for financial reporting purposes…
Q: Need help with this accounting questions
A: Step 1: Definition of Absorption CostingAbsorption costing is a costing method in which all…
Q: Financial account - - A company had been selling its product for $32 per unit, but recently lowered…
A: To determine the amount at which the company's inventory should be reported on the balance sheet, we…
general account teacher help
Step by step
Solved in 2 steps
- Check my answer. Cherry Corporation, a calendar year C corporation, is formed and begins business on April 1, 2020. In connection with its formation, Cherry incurs organizational expenditures of $54,000. Determine Cherry Corporation’s deduction for organizational expenditures for 2020 Section 248 allows Cherry corporation to take an immediate deduction of $5,000 for organizational expenditures and amortized the remaining balance over 180 months beginning with the month in which the business begins. Since Cherry Corp’s organization expenditures exceed $50,000 section 248 also requires an immediate dollar for dollar reduction for the amount over $50,000. 54,000-50,000=4,000 immediate phase out reduction, 5,000-4,000=1,000, remaining available immediate deduction. 54,000-1000=53,000/180month=294.44 There are 9 months of operation in 2020 =294.44*9=2649.96+1000=3649.96 total deduction or $3650R. Wilson Corporation commenced operations in early 2017. The corporation incurred $60,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation. Prepare journal entries torecord the $60,000 expenditure and 2017 amortization, if any.Cherry Corporation, a calendar year C corporation, is formed and begins business on April 1 of the current year. In connection with its formation, Cherry incurs organizational expenditures of $54,000. Determine Cherry Corporation’s deduction for organizational expenditures for the current year.
- Xavier Corporation begins business on March 1, 2021. The corporation incurs start-up expenditures of $38,000. Round your final answers to the nearest dollar. a. If Xavier elects amortization under § 195, the total start-up expenditures that Xavier may deduct in 2021 is b. Assume the same facts except the start-up costs totaled $52,000.The total start-up expenditures that Xavier may deduct in 2021 isFreitas Corporation was organized early in 2018. The following expenditures were made during the first fewmonths of the year:Attorneys’ fees in connection with the organization of the corporation $ 12,000State filing fees and other incorporation costs 3,000Purchase of a patent 20,000Legal and other fees for transfer of the patent 2,000Purchase of equipment 30,000Pre-opening salaries and employee training 40,000Total $107,000Required:Prepare a summary journal entry to record the $107,000 in cash expendituresIndigo Corporation begins business on April 2, 2021. The corporation has startup expenditures of $54,000. If Indigo Corporation elects § 195, the total amount that Indigo may deduct in 2021 would be: If Acme Corporation elects amortization under § 195, the total start-up expenditures that Acme Corporation may deduct in 2021 is $ ??? Deductible Amount [ (5000- ( 54000-50000) ] = 1,000 Amortization Amount [ { (54000-3000)/180} * 10] = 2,833 Total Deduction = 3,833 Why is deductible amt. (5000-(54000-50000)) = 1000?? What is this?
- VishuThe Horstmeyer Corporation commenced operations early in 2024. A number of expenditures were made during 2024 that were debited to one account called intangible asset. A recap of the $246,000 balance in this account at the end of 2024 is as follows: Date February 3 March 1 March 15 April 30 June 15 September 30 October 13 Various Transaction State incorporation fees and legal costs related to organizing the corporation Fire insurance premium for three-year period Purchased a copyright Research and development costs Legal fees for filing a patent on a new product resulting from an R&D project Legal fee for successful defense of patent developed above Entered into a 10-year franchise agreement with franchisor Advertising costs Total Amount $ 9,000 7,000 39,000 59,000 7,000 31,000 59,000 35,000 $ 246,000 Required: Prepare the necessary journal entry to clear the intangible asset account and to set up accounts for separate intangible assets, other types of assets, and expenses indicated by…On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of its robotics business for $9 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7 million. The income from operations of the segment during 2021 was $4 million. Pretax income from continuing operations for the year totaled $12 million. The income tax rate is 25%. Prepare the lower portion of the 2021 income statement beginning with income from continuing operations before income taxes. Ignore EPS disclosures.
- The Horstmeyer Corporation commenced operations early in 2024. A number of expenditures were made during 2024 that were debited to one account called intangible asset. A recap of the $223,000 balance in this account at the end of 2024 is as follows: Date February 3 March 1 March 15 April 30 June 15 September 30 October 13 Various Transaction State incorporation fees and legal costs related to organizing the corporation Fire insurance premium for three-year period Purchased a copyright Research and development costs < 1 Legal fees for filing a patent on a new product resulting from an R&D project Legal fee for successful defense of patent developed above Entered into a 10-year franchise agreement with franchisor Advertising costs Total View transaction list Journal entry worksheet Required: Prepare the necessary journal entry to clear the intangible asset account and to set up accounts for separate intangible assets, other types of assets, and expenses indicated by the transactions.…On December 31, 2021, the end of the fiscal year, Revolutionary Industries completed the sale of it's robotics business for $9 million. The robotics business segment qualifies as a component of the entity according to GAAP. The book value of the assets of the segment was $7 million. The income from opertations of the segment during 2021 was $4 million. Pretax income from continuing operations for the year totaled $12 million. The income tax rate is 25%. prepare the lower protion of the 2021 income statment beginning with income from continuing operations before income taxes. Ignore EPS disclosures. What is the income from discontinued operations?The Horstmeyer Corporation commenced operations early in 2024. A number of expenditures were made during 2024 that were debited to one account called intangible asset. A recap of the $207,500 balance in this account at the end of 2024 is as follows: Date February 3 March 1 March 15 April 30 June 15 September 30 October 13 Various Transaction State incorporation fees and legal costs related to organizing the corporation Fire insurance premium for three-year period Purchased a copyright Research and development costs Legal fees for filing a patent on a new product resulting from an R&D project Legal fee for successful defense of patent developed above Entered into a 10-year franchise agreement with franchisor Advertising costs Total View transaction list 1 Required: Prepare the necessary journal entry to clear the intangible asset account and to set up accounts for separate intangible assets, other types of assets, and expenses indicated by the transactions. Note: If no entry is required…