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 | $250,000 |
| Paid-In Capital from Sale of Treasury Stock | 177,300 |
| Paid-In Capital in Excess of Par-Preferred Stock | 67,200 |
| Paid-In Capital in Excess of Stated Value-Common Stock | 600,000 |
| Preferred 2% Stock, $100 par | 560,000 |
| Retained Earnings | 2,184,000 |
Prepare the Paid-In Capital portion of the "Stockholders' Equity" section of the balance sheet using Method 1 of Exhibit 9. There are 160,000 shares of common stock authorized and 15,000 shares of preferred stock authorized.
| Stockholders Equity | ||
| Paid-in Capital: | blank | blank |
| Cash From Sale of Treasury Stock Preferred 2% Stock, $100 Par (15,000 Shares Authorized, 5,600 Shares Issued) Retained Earnings Preferred 2% Stock, $100 Par (15,000 Shares Authorized, 5,600 Shares Issued) | ||
| Cash Excess of Issue Price Over Par From Sale of Treasury Stock Retained Earnings From Sale of Treasury Stock | ||
| Excess of Issue Price Over ParFrom Sale of Treasury Stock Paid-In Capital, Common Stock Paid-In Capital, Preferred Stock Paid-In Capital, Common Stock | ||
| Cash Common Stock, No Par, $5 Stated Value (160,000 Shares Authorized, 50,000 Shares Issued) From Sale of Treasury Stock Retained Earnings Common Stock, No Par, $5 Stated Value (160,000 Shares Authorized, 50,000 Shares Issued) | ||
| Cash Excess of Issue Price Over Par Preferred 2% Stock, $100 Par (100,000 Shares Authorized, 5,600 Shares Issued) Retained Earnings Preferred 2% Stock, $100 Par (100,000 Shares Authorized, 5,600 Shares Issued) | ||
| Excess of Issue Price Over Par From Sale of Treasury Stock Paid-In Capital, Common Stock Paid-In Capital, Preferred Stock Paid-In Capital, Common Stock | ||
| Cash Common Stock, No Par, $5 Stated Value (500,000 Shares Authorized, 50,000 Shares Issued) From Sale of Treasury Stock Preferred 2% Stock, $100 Par (100,000 shares authorized, 5,600 shares issued) Common Stock, No Par, $5 Stated Value (500,000 Shares Authorized, 50,000 Shares Issued) | ||
| Total Paid-In Capital | $ |
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Cost Accounting A Managerial Emphasis
Authors: Madhav, Charles, Srikant
15th Edition
933254221X, 978-9332542211
