Question
Reporting Paid-In Capital The following accounts and their balances were selected from the adjusted trial balance of Point Loma Group Inc., a freight forwarder, at
Reporting Paid-In Capital
The following accounts and their balances were selected from the adjusted trial balance of Point Loma Group Inc., a freight forwarder, at October 31, the end of the current fiscal year:
Common Stock, no par, $5 stated value | $350,000 |
Paid-In Capital from Sale of Treasury Stock | 232,800 |
Paid-In Capital in Excess of Par-Preferred Stock | 80,400 |
Paid-In Capital in Excess of Stated Value-Common Stock | 840,000 |
Preferred 2% Stock, $100 par | 670,000 |
Retained Earnings | 2,869,000 |
Prepare the Paid-In Capital portion of the "Stockholders' Equity" section of the balance sheet using Method 1 of Exhibit 9. There are 220,000 shares of common stock authorized and 18,000 shares of preferred stock authorized.
Stockholders Equity | ||
Paid-in Capital: | blank | blank |
CashFrom Sale of Treasury StockPreferred 2% Stock, $100 Par (18,000 Shares Authorized, 6,700 Shares Issued)Retained Earnings | $- Select - | |
CashExcess of Issue Price Over ParFrom Sale of Treasury StockRetained Earnings | - Select - | |
Excess of Issue Price Over ParFrom Sale of Treasury StockPaid-In Capital, Common StockPaid-In Capital, Preferred Stock | $- Select - | |
CashCommon Stock, No Par, $5 Stated Value (220,000 Shares Authorized, 70,000 Shares Issued)From Sale of Treasury StockRetained Earnings | $- Select - | |
CashExcess of Issue Price Over ParPreferred 2% Stock, $100 Par (100,000 Shares Authorized, 6,700 Shares Issued)Retained Earnings | - Select - | |
Excess of Issue Price Over ParFrom Sale of Treasury StockPaid-In Capital, Common StockPaid-In Capital, Preferred Stock | - Select - | |
CashCommon Stock, No Par, $5 Stated Value (500,000 Shares Authorized, 70,000 Shares Issued)From Sale of Treasury StockPreferred 2% Stock, $100 Par (100,000 shares authorized, 6,700 shares issued) | - Select - | |
Total Paid-In Capital | $fill in the blank 15 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started