This information relates to Marigold Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $29,800 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $30,840. Buys office furniture for $3,680, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,070 (not paid by Roads at this time). Receives cash of $200 as commission for acting as rental agent renting an apartment. Pays $780 on account for the office furniture purchased on October 3. Pays the administrative assistant $2,570 in salary for October.

This information relates to Marigold Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $29,800 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $30,840. Buys office furniture for $3,680, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,070 (not paid by Roads at this time). Receives cash of $200 as commission for acting as rental agent renting an apartment. Pays $780 on account for the office furniture purchased on October 3. Pays the administrative assistant $2,570 in salary for October.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 59P

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