Monthly Archives: September 2012

Matthews Delivery Service, Inc., completed the following transactions during its first month of operations for January 2012

Matthews Delivery Service, Inc., completed the following transactions during its first month of operations for January 2012: a. Matthews Delivery Service, Inc., began operations by receiving $6,000 cash and a truck valued at $11,000. The business issued common stock to … Continue reading

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At September 30, 2012, the accounts of Mountain Terrace Medical Center (MTMC) include the following

P8-27A Accounting for uncollectible accounts using the allowance method, and reporting receivables on the balance sheet At September 30, 2012, the accounts of Mountain Terrace Medical Center (MTMC) include the following: Accounts receivable $145,000 Allowance for uncollectible accounts (credit balance) … Continue reading

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On June 24th of year 1, Alec, Bryce, and Connor form Triplets Corporation

Problem 2-3 On June 24th of year 1, Alec, Bryce, and Connor form Triplets Corporation. They transfer the following assets: Property Transferred Transferor Asset Basis to Transferor FMV Number of Common Shares Issued Alec Land $200,000.00 $50,000.00 500 Bryce Production … Continue reading

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On February 1 of year 1, Richard, Mike, Patrick, and Sean form Brothers Corp and transfer the following items

Problem 2-2 On February 1 of year 1, Richard, Mike, Patrick, and Sean form Brothers Corp and transfer the following items: Property Transferred Transferor Asset Basis to Transferor FMV Number of Common Shares Issued Richard Land 12000 30000 400 Building … Continue reading

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Ben and Jerry organize their new entity as an LLC on May 16th of the year 1

Problem 2-1 Ben and Jerry organize their new entity as an LLC on May 16th of the year 1. What is the default tax classification for this entity? Are there any alternative classification(s) available? If so, how do Ben and … Continue reading

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P3-8B Riviera Theater Inc. was recently formed

P3-8B Riviera Theater Inc. was recently formed. All facilities were completed on March 31. On April 1, the ledger showed: Cash $6,300; Land $10,000; Buildings (concession stand, projection room, ticket booth, and screen) $8,000; Equipment $6,000; Accounts Payable $2,300; Mortgage … Continue reading

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