chemalite

chemalite - PARTIAL SPREADSHEET FOR CHEMALITE 2-Jan Patent...

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PARTIAL SPREADSHEET FOR CHEMALITE 2-Jan Patent 125,000 Capital Stock 2-Jan Cash 375,000 Capital (or Common) Stock 375,000 15-Jan Legal Fees 7,500 Cash 7,500 15-Jun Machinery 62,500 Cash 62,500 24-Jun Raw Materials 75,000 Cash 75,000
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Chemalite Inc. Balance Sheet As of June 30 (not entirely accurate as far as legal fees go) Assets: Owners' Equity Cash $230,000 Capital Stock $500,000 Patent 125,000 Legal Fees 7,500 Raw Materials 75,000 Machinery 62,500 Total Assets: $500,000 Total OE $500,000 Chemalite Inc. Trial Balance As of June 30 (not entirely accurate as far as legal fees go) debits credits Cash $230,000 Patent 125,000 Legal Fees 7,500 Raw Materials 75,000 Machinery 62,500 Capital Stock $500,000 $500,000 $500,000
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ADJUSTING ENTRIES 1 Cost of Goods Sold 545,000 Raw Materials 195,000 Manufacturing Labor and Overhead 350,000 2 Patent Amortization Expense 25,000 Accumulated Amortization - Patent 25,000 3 Depreciation Expense 10,625 Accumulated Depreciation - Machinery 10,625 4 Legal Feels Expense 7,500 Legal Fees (asset) 7,500 5
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Chemalite Inc. UNADJUSTED trial balance
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This note was uploaded on 04/04/2011 for the course ACCT 5010 taught by Professor Fischer during the Spring '11 term at Kean.

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chemalite - PARTIAL SPREADSHEET FOR CHEMALITE 2-Jan Patent...

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