Accounting for Organization Costs
Not what you're looking for?
Please see attached file.
Fontenot Corporation was organized in 2009 and began operations at the beginning of 2010. The company is involved in interior design consulting services. The following costs were incurred
prior to the start of operations.
Attorney's fees in connection with organization of the company $17,000
Purchase of drafting and design equipment 10,000
Costs of meetings of incorporators to discuss organizational activities 7,000
State filing fees to incorporate 1,000
$35,000
Instructions
a. Compute the total amount of organization costs incurred by Fontenot.
b. Prepare the journal entry to record organization costs for 2010.
Purchase this Solution
Solution Summary
The solution explains the calculation for organization costs and the related journal entry.
Purchase this Solution
Free BrainMass Quizzes
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)
Motivation
This tests some key elements of major motivation theories.
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Lean your Process
This quiz will help you understand the basic concepts of Lean.
Basic Social Media Concepts
The quiz will test your knowledge on basic social media concepts.