You are an accountant working for a company that has recently decided to incorporate. The company has incurred $4,300 for attorney's fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on March 13, assuming they are paid in cash?
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- You are an accountant working for a manufacturing company that makes personal care products and has recently decided to incorporate. The company incurred a total of $7,900 for attorneys fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on February 28, assuming they are paid in cash?You are an accountant working for a company that has recently decided to incorporate. The company has incurred $4,300 for attorney’s fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on March 13, assuming they are paid in cash?You are an accountant working for a company that has recently decided to incorporate. The company has incurred $4,500 for attorney's fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on March 13, assuming they are paid in cash? If an amount box does not require an entry, leave it blank. Mar. 13
- You are an accountant working for a company that has recently decided to incorporate. The company has incurred $4,300 for attorney’s fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. Using the tabular summary, record these costs on March 13, assuming they are paid in cash. Remember to include a date each transaction, and an explanation for any changes in revenue and expenses.In organizing its incorporation in January, Chupatch incurred the following costs: state incorporation fees: $250, attorney fees: $2,500, and promotional costs: $3,200. What journal entry would you make to record Chupatch's expenses? Make it below: Date Account Debit CreditReferring to relevant statutory provisions and common law, discuss whether, for the current income year, the following amounts would be as an allowable deduction against assessable income. Provision for the estimated amount of trade debtors’ accounts, which might not be collected. An amount of $9,000 paid to a solicitor for preparing a partnership deed. Newspapers purchased by an accountant who advises clients on financial and investment matters. 4. Travel cost of a business executive to attend a trade fair in London paid by the employer.
- Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs: April 1-May 30 wages. Note: Leave no answer blank. Enter zero if applicable. Date February 10 March 30 Harch 30 April 1 May 30 Start-up costs amortized $ 2,850 Organizational expenditures amortized $ 32.000 Amount $ 37,000 5,350 2,500 31,000 13,375 Problem 2-73 Part c (Algo) c. What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for year 1 (not including the amount determined in part (b)]? Note: Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.NNicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.) Expense Date Amount Attorney fees for articles of incorporation February 10 $ 32,000 March 1–March 30 wages March 30 4,500 March 1–March 30 rent March 30 2,000 Stock issuance costs April 1 20,000 April 1–May 30 wages May 30 12,000 b. What amount of the start-up costs and organizational expenditures may the corporation immediately expense in year 1 (excluding the portion of the expenditures that are amortized over 180 months)?Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs. April 1-May 30 wages Note: Leave no answer blank. Enter zero if applicable. Problem 10-73 Part a (Algo) Date February 10 Amount $ 32,500 March 30 4,000 March 30 2,050 April 1 40,000 May 30 10,000 a. What is the total amount of the start-up costs and organizational expenditures for Nicole's corporation? Start-up costs Organizational expenditures
- Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.) Expense Date Amount Attorney fees for articles of incorporation February 10 $ 36,500 March 1 – March 30 wages March 30 5,200 March 1 – March 30 rent March 30 2,450 Stock issuance costs April 1 32,000 April 1 – May 30 wages May 30 13,000 What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for year 1 (not including the amount determined in part b)? (Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Start-up costs amortized: Organizational expenditures amortized:Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: (Leave no answer blank. Enter zero if applicable.) Expense Date Amount Attorney fees for articles of incorporation February 10 $ 36,500 March 1 – March 30 wages March 30 5,200 March 1 – March 30 rent March 30 2,450 Stock issuance costs April 1 32,000 April 1 – May 30 wages May 30 13,000 What amount of the start-up costs and organizational expenditures may the corporation immediately expense in year 1 (excluding the portion of the expenditures that are amortized over 180 months)? START-UP COST EXPENSED ORGANIZATIONAL EXPENDITURES EXPENSED! Required information [The following information applies to the questions displayed below.] Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs April 1-May 30 wages Note: Leave no answer blank. Enter zero if applicable. Date February 10 March 30 March 30 April 1 May 30 Start-up costs amortized Organizational expenditures amortized Amount $ 35,000 4,750 2,300 35,000 11,875 c. What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for year 1 [not including the amount determined in part (b)]? Note: Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.