Graff practices law with a large firm, a partnership for five year after graduating from law school. Recently, he resigned his position to open his own law office which he operates as a sole proprietorship. The name of the new entity is Graff, Attorney. Graff experienced the following events during the organizing phase of his new business and its first month of operations. Some of the events were personal and did not affect his law practice. Others were business transactions and should be accounted for by the business.  Feb. 4, Graff received $80,000 cash from his partners in the law firm from which he resigned.  Feb. 5, Graff deposited $60,000 cash in a new business bank account entitled Graff Attorney.  Feb. 6, Graff paid $300 cash for letterhead stationary for his new law office.  Feb. 7, Graff purchased office furniture for his new office. He agreed to pay the account payable, $7,000 within six months.  Feb. 10, Graff sold shares of IBM stock, which he and his wife had owned for…

Richard Hacker is a realtor. He organized his business as a corporation on August 16, 2022. The business received $60,000 cash from Hacker and issued common stock. Consider the following facts as of August 31, 2022: (Click the icon to view the facts.) Read the requirements. Requirement 1. Prepare the balance sheet of the real estate business of Richard Hacker Realtor, Inc., at August 31, 2022. First prepare the balance sheet header, then complete the assets section of the statement. Finally, complete the liabilities and stockholders' equity section of the statement. (Do not classify the balance sheet into current and long-term sections. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If an input field is not used in the balance sheet leave the field empty; do not select a label or enter a zero.)

! Required information [The following information applies to the questions displayed below.] 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: Expense Attorney fees for articles of incorporation March 1-March 30 wages March 1-March 30 rent Stock issuance costs April 1-May 30 wages Note: Leave no answer blank. Enter zero if applicable. Date February 10 March 30 March 30 April 1 May 30 Start-up costs amortized Organizational expenditures amortized Amount $ 35,000 4,750 2,300 35,000 11,875 c. 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)]? Note: Round intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.

You are an accountant working for a manufacturing company that makes personal care products and has recently decided to incorporate. The company incurred a total of $7,900 for attorneys fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on February 28, assuming they are paid in cash?

You are an accountant working for a company that has recently decided to incorporate. The company has incurred $4,300 for attorneys fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on March 13, assuming they are paid in cash?

I am having trouble with this section of questions, not sure how to set up or fill out properly.... SERIAL PROBLEM: KATE’S CARDS(Note: This is a continuation of the Serial Problem: Kate’s Cards from Chapter 1.)SP2. In September 2019, Kate incorporated Kate’s Cards after investigating different organizational forms,and began the process of getting her business up and running. The following events occurred duringthe month of September 2019:1. Kate deposited $10,000 that she had saved into a newly opened business checking account. Shereceived common stock in exchange.2. Kate designed a brochure that she will use to promote her greeting cards at local stationery stores.3. Kate paid Fred Simmons $50 to critique her brochure before undertaking her final design andprinting.4. Kate purchased a new iMac computer tablet, specialized graphic arts software, and commercialprinter for the company, paying $4,800 in cash. She decided to record all of these items under thesame equipment account.5. Kate…

For the past several years, Angela Smith operated a part-time consulting business from her home. As of September 1, 2020, Angela decided to move to rented quarters and to operate the business on a full-time basis. She has registered the business as Interactive Consulting Ltd but has no prior knowledge of accounting and has approached a member of your group for advice. The company entered the following transactions during September:   Sept 1. The following assets were received from Angela Smith in exchange for capital of Interactive Consulting Ltd: cash - $7,050, accounts receivable - $1,500, supplies - $1,250, and office equipment - $7,200. There were no liabilities received. Paid three (3) months rent on a lease rental contract, $3,600.           Paid the premiums on the property and peril insurance policies, $1,500. Received cash from clients as an advance payment for services to be provided in the coming months, $3,500. Purchased additional office equipment on account from Payne…

For the past several years, Angela Smith operated a part-time consulting business from her home. As of September 1, 2020, Angela decided to move to rented quarters and to operate the business on a full-time basis. She has registered the business as Interactive Consulting Ltd but has no prior knowledge of accounting and has approached a member of your group for advice. The company entered the following transactions during September:   Sept 1.           The following assets were received from Angela Smith in exchange for capital of Interactive Consulting Ltd: cash - $7,050, accounts receivable - $1,500, supplies - $1,250, and office equipment - $7,200. There were no liabilities received. Paid three (3) months rent on a lease rental contract, $3,600.          Paid the premiums on the property and peril insurance policies, $1,500. Received cash from clients as an advance payment for services to be provided in the coming months, $3,500. Purchased additional office equipment on account from…

For the past several years, Angela Smith operated a part-time consulting business from her home. As of September 1, 2020, Angela decided to move to rented quarters and to operate the business on a full-time basis. She has registered the business as Interactive Consulting Ltd but has no prior knowledge of accounting and has approached a member of your group for advice. The company entered the following transactions during September:   Sept 1.            The following assets were received from Angela Smith in exchange for capital of Interactive Consulting Ltd: cash - $7,050, accounts receivable - $1,500, supplies - $1,250, and office equipment - $7,200. There were no liabilities received. Paid three (3) months rent on a lease rental contract, $3,600.            Paid the premiums on the property and peril insurance policies, $1,500. Received cash from clients as an advance payment for services to be provided in the coming months, $3,500. Purchased additional office equipment on account…