Homework Answers
| Journal Entry | ||
| Account Tittle | Debit | Credit |
| Organisation Cost Expense (13900 + 5000) | $18,900.00 | |
| Patent ( 21,600 +3300) | $24,900.00 | |
| Equipment | $31,400.00 | |
| Pre- opening Expenses | $41,700.00 | |
| Cash | $116,900.00 | |
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Freitas Corporation was organized early in 2018. The following expenditures were made during the first few months of th...
Freitas Corporation was organized early in 2021. The following expenditures were made during the first few...
Freitas Corporation was organized early in 2021. The following expenditures were made during the first few months of the year on should report in its 2021 income 10-33 Intangibles start-up costs LO10-1, LO10-8 statements according to Imernain Fo Attorneys' fees in connection with the organization of the corporation State filling fees and other incorporation costs $ 12,000 3,000 20,000 Purchase of a patent Legal and other fees for transfer of the patent Purchase of equipment Preopening salaries and employee training...
The Horstmeyer Corporation commenced operations early in 2021. A number of expenditures were made during 2021...
The Horstmeyer Corporation commenced operations early in 2021. A number of expenditures were made during 2021 that were debited to one account called intangible asset. A recap of the $246,000 balance in this account at the end of 2021 is as follows: Date Transaction Amount February 3 State incorporation fees and legal costs related to organizing the corporation $ 9,000 March 1 Fire insurance premium for three-year period 7,000 March 15 Purchased a copyright 39,000 April 30 Research and development...
The Horstmeyer Corporation commenced operations early in 2021. A number of expenditures were made during 2021...
The Horstmeyer Corporation commenced operations early in 2021. A number of expenditures were made during 2021 that were debited to one account called intangible asset. A recap of the $183,000 balance in this account at the end of 2021 is as follows: Date Transaction Amount February 3 State incorporation fees and legal costs related to organizing the corporation $ 10,000 March 1 Fire insurance premium for three-year period 9,000 March 15 Purchased a copyright 26,000 April 30 Research and development...
Problem 10-4 Intangibles [LO10-1, 10-8] The Horstmeyer Corporation commenced operations early in 2018. A number of...
Problem 10-4 Intangibles [LO10-1, 10-8] The Horstmeyer Corporation commenced operations early in 2018. A number of expenditures were made during 2018 that were debited to one account called Intangible asset. A recap of the $180,500 balance in this account at the end of 2018 is as follows Date Transaction 2/3/18 State incorporation fees and legal costs related to organising the corporation 3/1/18 Fire Insurance premium for three year period 3/15/18 Purchased a copyright 4730/18 Research and development costs 6/15/18 Legal...
Problem 10-4 Intangibles (LO10-1, 10-8] The Horstmeyer Corporation commenced operations Cailyn 2018 Anumber of expenditures were...
Problem 10-4 Intangibles (LO10-1, 10-8] The Horstmeyer Corporation commenced operations Cailyn 2018 Anumber of expenditures were made during 2018 that were debiled to one account called intangible asset Arecap of the $180 500 balance in this account at the end of 2018 is as follows. the corporation State Incorporation fees and it costs related to 3/1/18 Fire Insurance presiun for three yee period 1/15/18 Purchased copyright 6/15/18 Legal fees for thing a patent on product resulting from 9/30/la Leal fee...
Consider each of the transactions below. All of the expenditures were made in cash. The Edison...
Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $17,000 during the year for experimental purposes in connection with the development of a new product. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $10,000. In March, the Cleanway Laundromat bought equipment. Cleanway paid $11,000 down and signed a noninterest-bearing note requiring the payment of $20,500 in nine months. The cash price for this equipment was...
Consider each of the transactions below. All of the expenditures were made in cash. The Edison...
Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $21,000 during the year for experimental purposes in connection with the development of a new product. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $6,500. In March, the Cleanway Laundromat bought equipment. Cleanway paid $15,000 down and signed a noninterest-bearing note requiring the payment of $22,500 in nine months. The cash price for this equipment was...
Consider each of the transactions below. All of the expenditures were made in cash. The Edison...
Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $21,000 during the year for experimental purposes in connection with the development of a new product. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $6,500. In March, the Cleanway Laundromat bought equipment. Cleanway paid $15,000 down and signed a noninterest-bearing note requiring the payment of $22,500 in nine months. The cash price for this equipment was...
Consider each of the transactions below. All of the expenditures were made in cash. The Edison...
Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $19,000 during the year for experimental purposes in connection with the development of a new product. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $5,500. In March, the Cleanway Laundromat bought equipment. Cleanway paid $13,000 down and signed a noninterest-bearing note requiring the payment of $21,500 in nine months. The cash price for this equipment was...
Consider each of the transactions below. All of the expenditures were made in cash. 1. The...
Consider each of the transactions below. All of the expenditures were made in cash. 1. The Edison Company spent $24,000 during the year for experimental purposes in connection with the development of a new product. 2. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $8,000. 3. In March, the Cleanway Laundromat bought equipment. Cleanway paid $18,000 down and signed a noninterest-bearing note requiring the payment of $24,000 in nine months. The cash price for...
Freitas Corporation was organized early in 2021. The following expenditures were made during the first few months of the year on should report in its 2021 income 10-33 Intangibles start-up costs LO10-1, LO10-8 statements according to Imernain Fo Attorneys' fees in connection with the organization of the corporation State filling fees and other incorporation costs $ 12,000 3,000 20,000 Purchase of a patent Legal and other fees for transfer of the patent Purchase of equipment Preopening salaries and employee training...
Problem 10-4 Intangibles [LO10-1, 10-8] The Horstmeyer Corporation commenced operations early in 2018. A number of expenditures were made during 2018 that were debited to one account called Intangible asset. A recap of the $180,500 balance in this account at the end of 2018 is as follows Date Transaction 2/3/18 State incorporation fees and legal costs related to organising the corporation 3/1/18 Fire Insurance premium for three year period 3/15/18 Purchased a copyright 4730/18 Research and development costs 6/15/18 Legal...
Problem 10-4 Intangibles (LO10-1, 10-8] The Horstmeyer Corporation commenced operations Cailyn 2018 Anumber of expenditures were made during 2018 that were debiled to one account called intangible asset Arecap of the $180 500 balance in this account at the end of 2018 is as follows. the corporation State Incorporation fees and it costs related to 3/1/18 Fire Insurance presiun for three yee period 1/15/18 Purchased copyright 6/15/18 Legal fees for thing a patent on product resulting from 9/30/la Leal fee...
Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $19,000 during the year for experimental purposes in connection with the development of a new product. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $5,500. In March, the Cleanway Laundromat bought equipment. Cleanway paid $13,000 down and signed a noninterest-bearing note requiring the payment of $21,500 in nine months. The cash price for this equipment was...
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