17. in organizing its incorporation in January, chupatch incurred the following costs: state incorporation fees $250,...
17. in organizing its incorporation in January, chupatch incurred the following costs: state incorporation fees $250, attorney fees: $2500 and promotional cost $3200. what journal entry would you make to record these expenses?
18. in their partnership agreement,Jane, Jill and Bridget have an income/loss distribution ratio of 5:3:2. how much would each of the three partners receive from an income of $120,000?
Jane will get $ :
Jill will get $ :
and Bridget will receive :
Homework Answers
17: Journal Entry
| incorporation fees | $250 | |
| attorney fees | $2500 | |
| promotional cost | $3200 | |
| Cash | $5950 |
18: Share of Income/Loss
Given ratio of 5:3:2 and income of $120,000
Jane will get : 120000*5/10 = $60000
Jill will get : 120000*3/10 = $36000
Bridget will get : 120000*2/10 = $24000
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