(Answered) Question - jumpin jehosa phats is a small business owned by

Accounting

Question - Jumpin Jehosa Phats is a small business owned by JJ Phats as the sole proprietor. JJphats is incorporating the business.

On January 1, 2012 Jumpin Jehosa Phats 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.

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