math

posted by .

Freitas Corporation was organized early in 2009. The following expenditures were made during the first few months of the year:

Attorneys' fees in connection with the organization of the corporation $12,000

State filing fees and other incorporation costs 3,000

Purchase of the patent 20,000

Legal and other fees for transfer of the patent 2,000

Purchase of furniture 30,000

Pre-opening salaries 40,000

total $107,000

Prepare a summary journal entry to record the $107,000 in cash expenditures.

  • math -

    jkdfjkfl

  • math -

    Organization cost expense 12,000+3,000) $15,000
    Patent ($20,000 + 2,000) $22,000
    Furniture $30,000
    Pre-opening expenses $40,000
    Cash 107,000

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Organizationl Expenditures

    Following expenses incurred by Corporation when organized on July 1 Attorney fees to draft charter 20,000 Underwriter fees for stock sale 10,000 Transfer cost for property contributed to the corporation for stock 4,000 Costs of organizational …
  2. Federal Tax II

    Perry organized Cardinal Corporation 10 years ago by contributing property worth $2 million, basis of $450,000 for 2,500 shares of stock in Cardinal, representing 100% of the stock in the corporation. Perry later gave each of his children, …
  3. investing 3-4

    4. Which of the following is the best conclusion, given only the following information: ZYX Corporation’s earnings after taxes have declined by 3.13% from the year earlier. During the past three months, ZYX purchased from investors …
  4. college

    In 1980, Jonathan leased real estate to Jay Corporation for 20 years. Jay Corporation made significant capital improvements to the property. In 2000, Jay decides not to renew the lease and vacates the property. At that time, the value …
  5. accounting

    The two cases described below are independent of each other. Each case provides the information necessary to prepare the stockholders' equity section of a corporate balance sheet. a. Early in 2007, Wesson Corporation was formed with …
  6. accounting

    Corporation is considering issuing bonds on January 1, 2009, and has asked your advice concerning several matters. The firm plans to issue $800,000 of 30-year, 10 percent bonds. Bond interest payments are on January 1 and July 1. IfthebondsareissuedonJanuary1,2009,atapriceof91.275whenthe …
  7. accounting

    Corporation is considering issuing bonds on January 1, 2009, and has asked your advice concerning several matters. The firm plans to issue $800,000 of 30-year, 10 percent bonds. Bond interest payments are on January 1 and July 1. IfthebondsareissuedonJanuary1,2009,atapriceof91.275whenthe …
  8. Financial Accounting

    Incentive Corporation was organized in 2009 to operate a financial consulting business. The charter authorized the following capital stock: common stock, par value $4 per share. 12,000 shares. During the first year, the following selected …
  9. Accounting

    Journalize the following transactions and omit the explanations. A. ABC Corporation purchased $15,000 of office furniture by putting $7,000 down in cash and the rest on account on April 8. B. The corporation paid $60,000 for a two-year …
  10. accounting

    Ziegler Corporation purchased 25,000 shares of common stock of the Sherman Corporation for $40 per share on January 2, 2010. Sherman Corporation had 100,000 shares of common stock outstanding during 20 I3, paid cash dividends of $120.000 …

More Similar Questions