Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. boris forms boris incorporated. he issues 1000 sha

Boris forms Boris Incorporated. He issues 1000 shares of stock to himself, at a par...

70.2K

Verified Solution

Question

Accounting

Boris forms Boris Incorporated. He issues 1000 shares of stock to himself, at a par value of $1.00; paying the corporation $1000.00 for the stock. This is all the stock outstanding and all the capital contributed. During his operation of the corporation, he runs up $10,000 worth of debt to various creditors including $5000 worth of debt to Grutz, for rent. He also pays his person phone bill from corporate funds, and other personal bills with corporate funds. Eventually Boris Incorporated dissolves owing Grutz $5,000.00.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Does it appear as if financial distress costs should be a significant determinant of Fortune 100...

Finance
Q

This is in MySQL Part one: Using the MySQL Workbench Data Modeler, construct a diagram that shows...

Programming
Q

If 1.6 mol cu metal reacts with a solution containing 3.9 mol AgNO3, what ions will...

Chemistry
Q

Question 11 Which of the following are xenobiotics Mark all that apply Oil and petroleum...

Biology
Q

Sarah Meeham blends coffee for Tasti-Delight. She needs to prepare 150 pounds of blended coffee...

Basic Math
Q

7 Use a half angle formula to find the exact value of tan 8 tan...

Calculus
Q

Question 14 (1 point) The total assets of Jasmine Corporation are $72800. Its share capital...

Accounting
Q

After all of the account balances have been extended to the Income Statement columns of...

Accounting
Q

Line Tollowing information applies to the questions displayed below! The equity sections for Atticus Group...

Accounting
Q

Expert Chips is a manufacturer of prototype chips based in Buffalo, New York (i) (Click...

Accounting
Q

equirement 2: The company just hired a new marketing manager who insists unit...

Accounting
Q

2. How can management use budgets for cost control and profit forecast? 3. Mention in...

Accounting