Essay On Date Cash Patent Machinery

ChamliteEssay Preview: ChamliteReport this essayQuestion 1Chemalite, Inc.Summary of TransactionsJan. 2, 2003 through June 30, 2003PatentMachinery & EquipmentInventoryOwners EquityJan. 2+125,000+125,000 : Common StockJan. 2+375,000+375,000 : Common StockJan. 15-7,500-7,500 : Incorporation ExpensesJun. 15-62,500+62,500 : Building the MachineryJun. 24-75,000+75,000 : Purchase of Plastics and ChemicalsTotal230,00062,50075,000367,500Question 2Chemalite, Inc.Income StatementJan. 2, 2003 through June 30, 2003RevenueFees earnedExpensesOperating expenses:Incorporation expenses-7500Depreciation expense.