User Account

All Pages

Prepare the stockholders equity portion

Assignment Help Financial Accounting
Reference no: EM13502157

JumpinJehosaPhats is a small business owned by JJ Phats as the sole proprietor.  JJphats is incorporating the business.

On January 1, 2012 JumpinJehosaPhats Inc. has been authorized to issue 1,000,000 common shares with a Par Value of $1.   In the process of incorporating, the sole proprietor owner's equity accounts must be closed and the equity must now reflect a corporate stockholders' equity account. 

The books for the Sole Proprietorship indicate the following:

JJ Phats deposited $35,000 to start JumpinJehosaPhats

JJ Phats contributed $50,000 of equipment to start JumpinJehosaPhats

Retained Earnings December 31, 2011  = $150,000

Prepare the Stockholder's Equity Portion of the Balance Sheet on January 1, 2012.

Reference no: EM13502157

Questions Cloud

Explain a crystalline and a crosslinked polymer : How would you distinguish experimentally between an amphourous, a crystalline and a crosslinked polymer
Determine the best way for the company : Determine the best way for the company to obtain the funds needed which might be a single method or combination of methods.
Explain how do you break hclo4 down showing it as an acid : How do you break HClO4 down showing it as an acid according to archenius definition
Obtain the size of the image : In a grocery store, a convex mirror with R= 4.0 m is used for surveillance. Suppose a person of height 1.7 m is 12 m from such a mirror. What is the size of the image
Prepare the stockholders equity portion : Prepare the Stockholders Equity Portion of the Balance Sheet on January 1, 2012 - sole proprietor owner's equity accounts must be closed and the equity must now reflect a corporate stockholders' equity account.
Define what is the ph of the solution : 0.25 g of sodium hydroxide (NaOH) pellets are dissolved in water to make 8.0 L of solution. What is the ph of this solution?
Find the electric potential midway between them : Two point charges, +3.18 µC and -5.50 µC, are separated by 1.22 m. What is the electric potential midway between them
Requirements of incorporating the business : Discuss in detail the requirements of incorporating the business, the advantages and disadvantages, and provide JJ with recommendations.
How far is the fly from the lens : A fly appears to be upside down and 3 times its actual size when viewed through a converging lens with a focal length of 14 cm. How far is the fly from the lens

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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