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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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