Organization Costs: A cost incurred by the company at the initial stage of business is termed as organization costs. These cost includes the amount spent as legal and promotional fees paid to the federal governments and state. (a) To compute: To compute the total amount of organization cost incurred. Given Information: Particular Amount$ Attorney’s fees $15,000 Purchase of design and drafting equipment 10,000 Costs of meetings of incorporators 7,000 State filing fees to incorporate 1,000 Total $33,000

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Answer 1

Question

Chapter 12, Problem 15E

To determine

Organization Costs: A cost incurred by the company at the initial stage of business is termed as organization costs. These cost includes the amount spent as legal and promotional fees paid to the federal governments and state.

(a)

To compute: To compute the total amount of organization cost incurred.

Given Information:

Particular

Amount$

Attorney’s fees

$15,000

Purchase of design and drafting equipment

10,000

Costs of meetings of incorporators

7,000

State filing fees to incorporate

1,000

Total

$33,000

To determine

(b)

To prepare: To prepare the journal entry for organization costs.

Given Information: Refer the information given in (a).

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Answer 2

Question

Chapter 12, Problem 15E

To determine

Organization Costs: A cost incurred by the company at the initial stage of business is termed as organization costs. These cost includes the amount spent as legal and promotional fees paid to the federal governments and state.

(a)

To compute: To compute the total amount of organization cost incurred.

Given Information:

Particular

Amount$

Attorney’s fees

$15,000

Purchase of design and drafting equipment

10,000

Costs of meetings of incorporators

7,000

State filing fees to incorporate

1,000

Total

$33,000

To determine

(b)

To prepare: To prepare the journal entry for organization costs.

Given Information: Refer the information given in (a).

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Answer 3

Question

Chapter 12, Problem 15E

To determine

Organization Costs: A cost incurred by the company at the initial stage of business is termed as organization costs. These cost includes the amount spent as legal and promotional fees paid to the federal governments and state.

(a)

To compute: To compute the total amount of organization cost incurred.

Given Information:

Particular

Amount$

Attorney’s fees

$15,000

Purchase of design and drafting equipment

10,000

Costs of meetings of incorporators

7,000

State filing fees to incorporate

1,000

Total

$33,000

To determine

(b)

To prepare: To prepare the journal entry for organization costs.

Given Information: Refer the information given in (a).

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Answer 4

Question

Chapter 12, Problem 15E

To determine

Organization Costs: A cost incurred by the company at the initial stage of business is termed as organization costs. These cost includes the amount spent as legal and promotional fees paid to the federal governments and state.

(a)

To compute: To compute the total amount of organization cost incurred.

Given Information:

Particular

Amount$

Attorney’s fees

$15,000

Purchase of design and drafting equipment

10,000

Costs of meetings of incorporators

7,000

State filing fees to incorporate

1,000

Total

$33,000

To determine

(b)

To prepare: To prepare the journal entry for organization costs.

Given Information: Refer the information given in (a).

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Answer 5

Chapter 12, Problem 15E

To determine

Organization Costs: A cost incurred by the company at the initial stage of business is termed as organization costs. These cost includes the amount spent as legal and promotional fees paid to the federal governments and state.

(a)

To compute: To compute the total amount of organization cost incurred.

Given Information:

Particular

Amount$

Attorney’s fees

$15,000

Purchase of design and drafting equipment

10,000

Costs of meetings of incorporators

7,000

State filing fees to incorporate

1,000

Total

$33,000

To determine

(b)

To prepare: To prepare the journal entry for organization costs.

Given Information: Refer the information given in (a).

Answer 6

Chapter 12, Problem 15E

To determine

Organization Costs: A cost incurred by the company at the initial stage of business is termed as organization costs. These cost includes the amount spent as legal and promotional fees paid to the federal governments and state.

(a)

To compute: To compute the total amount of organization cost incurred.

Given Information:

Particular

Amount$

Attorney’s fees

$15,000

Purchase of design and drafting equipment

10,000

Costs of meetings of incorporators

7,000

State filing fees to incorporate

1,000

Total

$33,000

Answer 7

Chapter 12, Problem 15E

To determine

Organization Costs: A cost incurred by the company at the initial stage of business is termed as organization costs. These cost includes the amount spent as legal and promotional fees paid to the federal governments and state.

(a)

To compute: To compute the total amount of organization cost incurred.

Given Information:

Particular

Amount$

Attorney’s fees

$15,000

Purchase of design and drafting equipment

10,000

Costs of meetings of incorporators

7,000

State filing fees to incorporate

1,000

Total

$33,000

Answer 8

To determine

(b)

To prepare: To prepare the journal entry for organization costs.

Given Information: Refer the information given in (a).

Answer 9

To determine

(b)

To prepare: To prepare the journal entry for organization costs.

Given Information: Refer the information given in (a).

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 12 - Prob. 1Q Ch. 12 - Prob. 2Q Ch. 12 - Prob. 3Q Ch. 12 - Prob. 4Q Ch. 12 - Prob. 5Q Ch. 12 - Prob. 6Q Ch. 12 - Prob. 7Q Ch. 12 - Prob. 8Q Ch. 12 - Prob. 9Q Ch. 12 - Prob. 10Q

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(b)

To prepare: To prepare the journal entry for organization costs.

Given Information: Refer the information given in (a).

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Chapter 12 Solutions

Particular	Amount$
Attorney’s fees	$15,000
Purchase of design and drafting equipment	10,000
Costs of meetings of incorporators	7,000
State filing fees to incorporate	1,000
Total	$33,000

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(b) To prepare: To prepare the journal entry for organization costs. Given Information: Refer the information given in (a).

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Chapter 12 Solutions

(b)

To prepare: To prepare the journal entry for organization costs.

Given Information: Refer the information given in (a).