Homework Help is Here – Start Your Trial Now!
Business
Accounting
Problem 1 Live Happy Company has the following selected account balances at June 30, 2019: Ordinary Share Capital, no-par, P10 stated value, 500,000 shares authorized; 200,000 shares issued Paid-in Capital in Excess of Stated Value - Ordinary Shares Accumulated Depreciation - Machinery and Equipment Retained Earnings Paid-in Capital in Excess of Par - Preference Shares Preference Share Capital Subscribed, 1,000 shares Merchandise Inventory Machinery and Equipment Preference Share Capital Subscription Receivable 10% Preference Share Capital, P40 par, 2,000,000.00 100,000.00 120,000.00 400,000.00 120,000.00 40,000.00 240,000.00 500,000.00 14,000.00 40,000 shares authorized Pre-operating Costs 800,000.00 10,000.00 Instructions: Prepare the shareholders' equity section of the statement of financial position.

Problem 1 Live Happy Company has the following selected account balances at June 30, 2019: Ordinary Share Capital, no-par, P10 stated value, 500,000 shares authorized; 200,000 shares issued Paid-in Capital in Excess of Stated Value - Ordinary Shares Accumulated Depreciation - Machinery and Equipment Retained Earnings Paid-in Capital in Excess of Par - Preference Shares Preference Share Capital Subscribed, 1,000 shares Merchandise Inventory Machinery and Equipment Preference Share Capital Subscription Receivable 10% Preference Share Capital, P40 par, 2,000,000.00 100,000.00 120,000.00 400,000.00 120,000.00 40,000.00 240,000.00 500,000.00 14,000.00 40,000 shares authorized Pre-operating Costs 800,000.00 10,000.00 Instructions: Prepare the shareholders' equity section of the statement of financial position.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter15: Contributed Capital
Section: Chapter Questions
Problem 16P: Treasury Stock, Cost Method Bush-Caine Company reported the following data on its December 31, 2018,...
See similar textbooks
icon
Related questions
Question

Please prepare the statement of the financial position of the shareholders equity.Thank you.

Problem 1 Live Happy Company has the following selected account balances at June 30, 2019: Ordinary Share Capital, no-par, P10 stated value, 500,000 shares authorized; 200,000 shares issued Paid-in Capital in Excess of Stated Value - Ordinary Shares Accumulated Depreciation - Machinery and Equipment Retained Earnings Paid-in Capital in Excess of Par - Preference Shares Preference Share Capital Subscribed, 1,000 shares Merchandise Inventory Machinery and Equipment Preference Share Capital Subscription Receivable 10% Preference Share Capital, P40 par, 2,000,000.00 100,000.00 120,000.00 400,000.00 120,000.00 40,000.00 240,000.00 500,000.00 14,000.00 40,000 shares authorized Pre-operating Costs 800,000.00 10,000.00 Instructions: Prepare the shareholders' equity section of the statement of financial position.
Transcribed Image Text:Problem 1 Live Happy Company has the following selected account balances at June 30, 2019: Ordinary Share Capital, no-par, P10 stated value, 500,000 shares authorized; 200,000 shares issued Paid-in Capital in Excess of Stated Value - Ordinary Shares Accumulated Depreciation - Machinery and Equipment Retained Earnings Paid-in Capital in Excess of Par - Preference Shares Preference Share Capital Subscribed, 1,000 shares Merchandise Inventory Machinery and Equipment Preference Share Capital Subscription Receivable 10% Preference Share Capital, P40 par, 2,000,000.00 100,000.00 120,000.00 400,000.00 120,000.00 40,000.00 240,000.00 500,000.00 14,000.00 40,000 shares authorized Pre-operating Costs 800,000.00 10,000.00 Instructions: Prepare the shareholders' equity section of the statement of financial position.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Revenue Recognition
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Accounting (Text Only)
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS