Entries by mary WAMBUGU

Alpha issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping to incorporate.

August 27, 2019 in /by

1) Alpha issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping to incorporate. In doing the journal entry, what would be the value for                       a. Organizational Expense                      b. Common Stock 2)  Alpha Corporation issued 60,000 shares of $5 par value common stock […]

 

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Acme Company owns a donut-maker that has a book value of $66,000 and a remaining life of 8 years.

August 27, 2019 in /by

Acme Company owns a donut-maker that has a book value of $66,000 and a remaining life of 8 years.  Many of Acme’s customers have switched to eating biscuits and so the donut-maker is not generating the profits it was when first bought. No one really wants a used donut-maker so it has a fair value of $31,000. If […]

 

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A company starts operations on January 1, Year One. Organization and start-up costs of $60,000 are expended on that date.

August 27, 2019 in /by

A company starts operations on January 1, Year One. Organization and start-up costs of $60,000 are expended on that date. Additional costs of $30,000 are spent in connection with the issuance of capital stock. On a December 31, Year One balance sheet, what amount should be reported as an intangible asset in connection with these […]

 

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A company buys a piece of inventory for $80. Almost immediately, the market becomes flooded with these items and the replacement cost falls to $76.

August 27, 2019 in /by

A company buys a piece of inventory for $80. Almost immediately, the market becomes flooded with these items and the replacement cost falls to $76. The company is trying to determine whether a loss must be recorded because of this drop. Despite the change, the company still believes that it can sell this piece of […]

 

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