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.

How will firms solve the problem of an economic surplus a. decrease prices to the market equilibrium price b. decrease prices so they are below the market equilibrium price c.increase prices

Camilo is a self-employed roofer. he reported a profit of $30,000 on his schedule c. he had other taxable income of $5,000. he paid $3,000 for hospitalization insurance. his self-employment tax was $4,656. he paid his former wife $4,000 in court-ordered alimony and $4,000 in child support. what is the amount camilo can deduct in arriving at adjusted gross income (agi)?

For each of the following cases determine the ending balance in the inventory account. (hint: first, determine the total cost of inventory available for sale. next, subtract the cost of the inventory sold to arrive at the ending balance.)a. jill’s dress shop had a beginning balance in its inventory account of $40,000. during the accounting period jill’s purchased $75,000 of inventory, returned $5,000 of inventory, and obtained $750 of purchases discounts. jill’s incurred $1,000 of transportation-in cost and $600 of transportation-out cost. salaries of sales personnel amounted to $31,000. administrative expenses amounted to $35,600. cost of goods sold amounted to $82,300.b. ken’s bait shop had a beginning balance in its inventory account of $8,000. during the accounting period ken’s purchased $36,900 of inventory, obtained $1,200 of purchases allowances, and received $360 of purchases discounts. sales discounts amounted to $640. ken’s incurred $900 of transportation-in cost and $260 of transportation-out cost. selling and administrative cost amounted to $12,300. cost of goods sold amounted to $33,900.a& b. cost of goods avaliable for sale? ending inventory?