User Account

All Pages

What is the amount of the organizational expenditures

Assignment Help Accounting Basics
Reference no: EM132893704

Question - Caskets Inc. was incorporated in June 1, but it did not start a business until September 1. It adopted a fiscal year ending March 31, coinciding with the end of its natural business cycle. In connection with organizing the business, Caskets Inc. incurred the following expenses:

Legal fees for incorporating $8,000

Accounting fees for opening corporate books 400

Tax planning advice 300

Printing and issuing stock certificates 50

Incorporation fee to state 100

Temporary directors' fees 2000

Legal fees for the transfer of assets to the corporation 500

$11,350

What is the amount of the organizational expenditures?

How much of the amount is deductible in the corporation's first taxable year?

Reference no: EM132893704

Questions Cloud

Prepare the journal entry to record amortization expense : Its estimated useful life is 5 years. Prepare the journal entry to record amortization expense for the first year
Cooperative advertising budget of competitors : A manufactured-good firm finds that its market share has been slipping in a geographic market. It chooses to conduct a benchmarking study of its price waterfall
Prepare the consolidated worksheet entries : Prepare the consolidated worksheet entries at 30 June 2020 for Swamp Ltd assuming: Swamp Ltd adopts the partial goodwill method
Calculate Klyne Corporation break-even point in sales dollar : Calculate Klyne Corporation's break-even point in sales dollars for the year 2020 if the company had hired its own sales force to replace the network of agents
What is the amount of the organizational expenditures : Caskets Inc. was incorporated in June 1, but it did not start a business until September 1. What is the amount of the organizational expenditures
Polycentrism in the context of international business : Differentiate between ethnocentrism, geocentricism and polycentrism in the context of international business.
Prepare the correcting entries : Received $700 cash from a customer on account. Cash was debited $700 and Service Revenue was credited $700. Prepare the correcting entries
Helped him in becoming a successful comedian : In high school, Minhaj tried out for the basketball team three years in a row, but never made the team. What personality trait does this show and how might
Explain how the gain on bargain purchase affects : How does the existence of the NCI affect the business combination valuation entries and Explain how the gain on bargain purchase affects the measurement

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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