Tom makaw decided to incorporate his company on may 31 20x1, Accounting Basics

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Tom makaw decided to incorporate his company on may 31 20x1

Question: Sole Proprietorship and Corporation Makaw Company is a sole proprietorship with the following simplified balance sheet:

Tom Makaw decided to incorporate his company on May 31, 20X1, by selling 5,000 shares of stock for $10 each and keeping 10,000 shares for himself. Prepare a balance sheet for the new corporation.

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Accounting Basics: Tom makaw decided to incorporate his company on may 31 20x1

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