User Account

All Pages

What amount the corporation deduct as amortization expense

Assignment Help Accounting Basics
Reference no: EM132640268

Question - 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 $40,000

March 1 - March 30 wages

March 30 6,400

March 1 - March 30 rent

March 30 2,800 Stock issuance costs

April 1 25,000

April 1 - May 30 wages

May 30 16,000

Required -

1. 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)?

2. What would be the total allowable organizational expenditures if Nicole started a sole proprietorship instead of a corporation?

Reference no: EM132640268

Questions Cloud

Determine the number of units that were transferred : Alpha completed and transferred $119,000 of production to finished goods inventory for the month of March. Determine the number of units that were transferred
The development of video transcript : Demonstrate creativity in the development of the video transcript itself, including using techniques to capture the viewers' interest
What number of shares should devon use : What number of shares should Devon use in determining basic earnings per share for the current year
Describe what crediting rate and score : Describe what a crediting rate/score is. Should this be a factor in evaluating companies? Explain the effect, if any, inflation rates will have on the purchase?
What amount the corporation deduct as amortization expense : What amount can the corporation deduct as amortization expense for the organizational expenditures and for the start-up costs for year 1
Compare two communication techniques : Compare and contrast two communication techniques that can be used to improve employee trust and engagement.
What amount should payne report as goodwill : Shelf estimated that the benefit period of goodwill was 40 years. In its consolidated December 31 balance sheet, what amount should Payne report as goodwill
Benchmarking : Benchmarking: ISO 9000. How might an organization use the ISO 9000 series standard to benchmark its processes?
Personal leadership development plan : Write a paper in which you translate your course learning into a personal leadership development plan and explain how your plan aligns with the SPL Model.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Personal financial planning

The economy is unpredictable and can affect your personal financial planning. List one factor in economic conditions that may affect your financial future.

  Following transactions have not been journalized for july

In addition, the following transactions have not been journalized for July. The cost of all merchandise sold was 65% of the sales price.

  Infamous proposal of communists

Abolition of the family! Even the most radical flare up at this infamous proposal of the Communists. On what foundation is the present family, the bourgeois family, based?

  Food bear grocery store purchased a new u-scan machine at a

food bear grocery store purchased a new u-scan machine at a cost of 100000. annual operating cash inflows are expected

  Maslow hierarchy of needs to see what you need

Your job right now is to finish reading this chapter. How strongly would you be motivated to do that if you were sweating in a room at 105 degrees Fahrenheit? Imagine your roommate has turned on the air-conditioning. Once you are more comfortable,..

  Determine the deferred taxes

Determine the deferred taxes to be reported at the end of 2017. Indicate how deferred taxes will be reported on the 2019 balance sheet

  Prepare an owners equity statement for kelly appliances

Janet Kelly and Paul Sharp are partners in a merchandising business, Kelly Appliances. Forms for completing this problem are given in the Working Papers.

  Determine which machine subsequent to your npv calculations

Advise management on your recommendation regarding purchase of Determine which machine subsequent to your NPV calculations?

  Comparative financial statements for weller corporation for

comparative financial statements for weller corporation for the fiscal year ending december 31 appear below. the

  How much will the common stockholders receive

Assuming that $150,000 will be distributed as a dividend in the current year, how much will the common stockholders receive

  Draft a standard and unqualified audit report

You were preparing to draft a standard, unqualified audit report when you discovered that the audit manager on the Sharp engagement owns 10 shares

  Review problem on tax return problem

Tax Return Problem Devon Bishop, age 45, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His Social Security number is 111-11-1112.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd