Business, 08.02.2021 19:00, blakeley7785
Ag Bio Tech (ABT) was organized on January 1 by four friends. Each organizer invested $14,375 in the company and, in turn, was issued 11,500 shares of common stock. To date, they are the only stockholders. During the first month (January), the company had the following five events:
a. Collected a total of $40,000 from the organizers and, in turn, issued the shares of stock.
b. Purchased a building for $65,000, equipment for $16,000, and three acres of land for $18,000; paid $13,000 in cash and signed a note for the balance, which is due to be paid in 15 years.
c. One stockholder reported to the company that 500 shares of his ABT stock had been sold and transferred to another stockholder for $5,000 cash.
d. Purchased supplies for $3,000 cash.
e. Sold one acre of land for $6,000 cash to another company.
Required:
Was ABT organized as a partnership or corporation? Explain the basis for your answer.
Answers: 2
Business, 22.06.2019 06:00, slimt69561
When an interest-bearing note comes due and is uncollectible, the journal entry includes debitingaccounts receivable and crediting notes receivable and interest revenue. accounts receivable and crediting interest revenue. notes receivable and crediting accounts receivable and interest revenue. notes receivable and crediting accounts receivable.
Answers: 3
Business, 22.06.2019 12:50, emarquez05
Two products, qi and vh, emerge from a joint process. product qi has been allocated $34,300 of the total joint costs of $55,000. a total of 2,900 units of product qi are produced from the joint process. product qi can be sold at the split-off point for $11 per unit, or it can be processed further for an additional total cost of $10,900 and then sold for $13 per unit. if product qi is processed further and sold, what would be the financial advantage (disadvantage) for the company compared with sale in its unprocessed form directly after the split-off point?
Answers: 2
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