Prepare the stockholder equity portion of the balance sheet

Reference no: EM13124497

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: EM13124497

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