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: (Leave no answer blank. Enter zero if applicable.) Expense Date Amount Attorney fees for articles of incorporation February 10 $ 32,000 March 1–March 30 wages March 30 4,500 March 1–March 30 rent March 30 2,000 Stock issuance costs April 1 20,000 April 1–May 30 wages May 30 12,000 What would be the total allowable organizational expenditures if Nicole started a sole proprietorship instead of a corporation?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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: (Leave no answer blank. Enter zero if applicable.)

 

Expense Date Amount
Attorney fees for articles of incorporation February 10 $ 32,000
March 1–March 30 wages March 30 4,500
March 1–March 30 rent March 30 2,000
Stock issuance costs April 1 20,000
April 1–May 30 wages May 30 12,000

What would be the total allowable organizational expenditures if Nicole started a sole proprietorship instead of a corporation?

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