This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Critical Thinking 1 Critical Thinking Stacy Adams Strayer University ACC557 Dr. A.D. Pennington, CPA January 10, 2010 Critical Thinking 2 Critical Thinking Mary and Jack Gray, local golf stars, opened the Chip-Shot Driving Range Company on March 1, 2008. They invested $25,000 cash and received common stock in exchange for their investment. A caddy shack was constructed for cash at a cost of $8,000, and $800 was spent on golf balls and golf clubs. The Grays leased five acres of land at a cost of $1,000 per month and paid the first month's rent. During the first month, advertising costs totaled $750, of which $150 paid the first month's rent....
View Full Document
This note was uploaded on 01/18/2011 for the course ACC 557 taught by Professor Mcfeds during the Spring '10 term at University of Phoenix.
- Spring '10