Question
The following accounts and their balances were selected from the unadjusted trial balance of Point Loma Group Inc., a freight forwarder, at October 31, the
The following accounts and their balances were selected from the unadjusted trial balance of Point Loma Group Inc., a freight forwarder, at October 31, the end of the current fiscal year:
1 | Common Stock, no par, $12 stated value | $4,116,000.00 |
2 | Paid-In Capital from Sale of Treasury Stock | 48,600.00 |
3 | Paid-In Capital in Excess of Par-Preferred Stock | 211,000.00 |
4 | Paid-In Capital in Excess of Stated Value-Common Stock | 464,000.00 |
5 | Preferred 2% Stock, $105 par | 7,140,000.00 |
6 | Retained Earnings | 40,320,000.00 |
Prepare the Paid-In Capital portion of the stockholders equity section of the balance sheet using Method 1 of Exhibit 8 There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.
EXHIBIT 8 Stockholders' Equity Section of a Balance Sheet Telex Inc. Balance Sheet December 31, 2017 $100,000 10,000 $ 110,000 Stockholders' Equity Paid-in capital: Preferred 10% stock, $50 par (2,000 shares authorized and issued)........ Excess over par ..... Paid-in capital, preferred stock.. Common stock, $20 par (50,000 shares authorized, 45,000 shares issued)...... Excess over par .......................... Paid-in capital, common stock. From sale of treasury stock. Total paid-in capital... Retained earnings...... Total ........................... Treasury stock (600 shares at cost)... Total stockholders'equity... $900,000 190,000 Method 1 1,090,000 2,000 $1,202,000 350,000 $1,552,000 (27,000 $1,525,000 $ 100,000 Stockholders' Equity Contributed capital: Preferred 10% stock, $50 par (2,000 shares authorized and issued).. Common stock, $20 par (50,000 shares authorized, 45,000 shares issued). ..... Additional paid-in capital Total contributed capital... Retained earnings......... Total .................. Treasury stock (600 shares at cost)......... Total stockholders'equity.... 900,000 202,000 Method 2 $1,202,000 350,000 $1,552,000 (27,000) $1,525,000 Point Loma Group Inc. Score: 10/80 Stockholders' Equity (Paid-In Capital Section) October 31, 20XX Paid-in capital
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