Proprietorship and changing to a corporation

Assignment Help Financial Accounting

Reference no: EM13925395

Jumpin-JehoSaphats is owned by Jessica Jean (JJ) Sap hats. Jessica wants to incorporate her business but is not sure of the differences between the current form of sole proprietorship and changing to a corporation. She has come to you to discuss the future of her company.

On January 1, Jumpin-JehoSaphats was incorporated. Jessica is going to raise capital by issuing stock. Using the data provided record the transactions, post to T accounts and create the shareholder's equity section of the Balance Sheet for February 28.

Jumpin-JehoSaphats has been authorized to issue 1,000,000 common shares with a Par Value of $10. Jessica had a capital account of $150,000 when the corporation was created.

January 7, the company issued 300 shares @ $11/share

January 15, the company issued 950 shares @ $14/share

January 19, the company issued 100 shares @ $15/share

January 30, the company issued 50 shares @ $12/share

February 5, the company issued 200 shares @ $9/share

February 9, the company issued 75 shares @ $13/share

February 18, the company issued 180 shares @ $7.5/share

February 22, the company issued 90 shares @$10/share

February 24, the company issued 25 shares @ $8/share

Reference no: EM13925395

Questions Cloud

Changing to a corporation. : umpin-JehoSaphats is owned by Jessica Jean (JJ) Sam hats. Jessica wants to incorporate her business but is not sure of the differences between the current form of sole proprietorship and changing to a corporation.

Practices to determine if planning was successful : Synthesize the Williams et al. (2006) online journal article. Do you agree that the Heart and Stroke Foundation of Ontario (HSFO) adequately addressed the important steps of a strategic plan and the planning process? Why or why not? In your paper,

Financial department of delphi consolidated industries : The financial department of Delphi Consolidated Industries (DCI) is just starting a 2-week retreat in the Canadian wilderness. The president of DCI has been approached by an investment banker who has acquired $1,000,000 in DCI bonds in one of his dea..

Calculate stream of expenses possible with assumed income : Using a hypothetical situation, make calculations to assist in retirement planning (e.g., determine stream of savings necessary for certain standard of retirement). Calculate the stream of expenses possible with the assumed income.

Proprietorship and changing to a corporation : Jumpin-JehoSaphats is owned by Jessica Jean (JJ) Sap hats. Jessica wants to incorporate her business but is not sure of the differences between the current form of sole proprietorship and changing to a corporation.

An investment is expected to provide cash inflows : An investment is expected to provide cash inflows of $100,000 at the end of each of the next six years. What is the market value of the investment using a discount rate of 12%, rounded to the nearest dollar?

Debt–equity ratio and return on equity : Y3K, Inc., has sales of $6,279, total assets of $2,895, and a debt–equity ratio of 1.90. If its return on equity is 13 percent, what is its net income?

Briefly explain how change in the personal income tax : Briefly explain how change in the personal income tax rate affects aggregate demand.

Equity multiplier and profit margin : If Roten Rooters, Inc., has an equity multiplier of 1.65, total asset turnover of 1.70, and a profit margin of 4.5 percent, what is its ROE?

User Account

All Pages