Pyrogenesis Canada Inc. which was provincially incorporated reported the following equity account balances on December 31, 2013:

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Pyrogenesis Canada Inc. which was provincially incorporated reported the following equity account balances on December 31, 2013:
Common shares, unlimited shares authorized,
20,000 shares issued and outstanding ............................................................ $690,000
Retained earnings............................................................................................... 405,000
In 2014, the company had the following transactions affecting shareholders and the equity accounts:

Pyrogenesis Canada Inc. which was provincially incorporated reported the following

Required
1. Prepare journal entries to record the transactions and closings for 2014.
2. Prepare the equity section of the company€™s balance sheet as of December 31,2014.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For  book-img-for-question

Fundamental Accounting Principles Volume II

ISBN: 978-1259066511

14th Canadian Edition

Authors: Larson Kermit, Jensen Tilly

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