Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 5 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 3.00

Scruffy’s Bar & Grill, Inc.

Scruffy Murphy is the president and principal stockholder of Scruffy’s Bar & Grill, Inc. To expand, the business is applying for a $250,000 bank loan. To get the loan, Murphy is considering two options for beefing up the owners’ equity of the business: Option 1. Issue $100,000 of common stock for cash. A friend has been wanting to invest in the company. This may be the right time to extend the offer. Option 2. Transfer $100,000 of Murphy’s personal land to the business, and issue common stock to Murphy. Then, after obtaining the loan, Murphy can transfer the land back to himself and zero out the common stock. Journalize the transactions required by each option. Which plan is ethical? Which is unethical and why?

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 03:09 PM My Price 3.00

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