User Account

All Pages

Prepare the equity section of the smart supplies inc

Assignment Help Financial Accounting
Reference no: EM132554597

The Smart Supplies Inc. is operating its business in GTA and producing different products.

The company has authorized share capital of 500,000 common shares and 20,000 preferred, $6 preferred shares. On January 1, 2019, the balance in its shareholders equity includes $200,000 in common shares representing 40,000 shares and $100,000 in preferred shares representing 1,000 shares and retained earnings of $210,000. Profit for the year ending December 31, 2019 was $35,000. No dividends were declared during 2019.

The Smart Supplies Inc. had the following share transactions during the year 2019:

Jan 15 Issued 5,000 common shares for $6 each.

Mar 30 Issued 500 preferred shares for $100 each.

Oct11 Issued 15,000 common shares in exchange for land valued at $93,750

Question 1: You are required to record the share transactions and prepare the equity section of the Smart Supplies Inc. at the end of the year 2019

Reference no: EM132554597

Questions Cloud

What is the coupon payment of the bond : What is the coupon payment of the bond and Prepare a statement of cash flows using the direct method - Outline some cash flow warning signals
Create a manufacturing account and trading account : Create a manufacturing account and Trading account for 2017. The manufacturing account should show clearly the prime cost of manufacture
Different critical infrastructure sectors : There are different critical infrastructure sectors that are vital for the national security of the United States.
Make a record the share transactions : The Smart Supplies Inc. Make a record the share transactions and prepare the equity section of the Smart Supplies Inc. at the end of the year 2019.
Prepare the equity section of the smart supplies inc : You are required to record the share transactions and prepare the equity section of the Smart Supplies Inc. at the end of the year 2019
Revolving door of criminal justice system : Jails are considered the revolving door of the criminal justice system. Millions of people enter jail each year and millions are released,
Calculate the annual instalment amount that will be paid : Calculate the annual instalment amount that will be paid in the second year. Calculate the annual instalment amount for the first year.
The broken windows theory in your community : The Broken Windows theory is designed to enhance community relationships between police and community members while minimizing and subsequently
Describe significance of client participation : Describe the significance of client participation during the helping process. Discuss how a strength-based approach is used in each phase.

Reviews

Write a Review

Financial Accounting Questions & Answers

  The company to report record earnings  for the year

It is the end of 2010, and, as an accountant for Newell Company, you are preparing its 2010 financial statements.

  Determine what is the cost of external common? equity

Determine What is the cost of external common? equity. Compute the cost for What is the? firm's after-tax cost of debt on the? bond?

  What is the inventory turnover ratio

What is the inventory turnover ratio - Inventory turnover ratio times per year

  Klean fiber company is the creator of y-go

Klean Fiber Company is the creator of Y-Go, a technology that weaves silver into its fabrics to kill bacteria and odor on clothing while managing heat. Y-Go has become very popular in undergarments for sports activities.

  What is the maximum selling price that lorenzo could sell

What is the maximum selling price that Lorenzo could sell the equipment for without having to recognize any Section 1245 ordinary income?

  The reduction in lease payable to be recognized by lessee

Packard Bell leases a variety of equipment to customers worldwide. On January 2, 2015, Packard Bell leased a Robot Router Machine (Equipment) to Southwestern Bell. Characteristics of the lease is listed below: * The lease is not cancelable * The leas..

  Sales price to affiliate and non affiliated customers

Padlock Corp. owns 90 percent of Safeco, Inc. During the year, Padlock sold 3,000 locking mechanisms to Safeco for $900,000. By the end of the year, Safeco had sold all but 500 of the locking mechanisms to outside parties. Padlock marks up the cost o..

  Profit for both years using the variable costing method

The following information is available for Skipper Pools, a manufacturer of above-ground swimming pool kits: In its first year of operation, the company produced 12,290 units but was able to sell only 10,300 units. Find the profit for both years usin..

  How comfortable are with responsibility

If you work for a company and have the ability to sign checks, you may have a liability for unpaid payroll taxes. How comfortable are with responsibility.

  Illustrate what amlount should kim report in its flows

There was no amortization of bond premium or discount during the year. Illustrate what amlount should Kim report in its 2011 statement of cash flows for redemption of bonds payable?

  Explain why financial statements is important

Explain why it is important that financial statements should reflect the substance of the underlying transactions and describe the features

  How did the company react to the investigation

Examples of earnings manipulation that resulted in financial statement fraud Specific facts of case that caused SEC investigation, how the SEC handle complaints

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd