A. 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, $14 stated value Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Preferred Stock Paid-In Capital in Excess of Stated Value-Common Stock $1,120,000 555,300 87,840 2,688,000 Preferred 2% Stock, $120 par Retained Earnings Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet. There are 260,000 shares of common stock authorized and 16,000 shares of preferred stock authorized. 732,000 6,842,000

A. 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, $14 stated value Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Preferred Stock Paid-In Capital in Excess of Stated Value-Common Stock $1,120,000 555,300 87,840 2,688,000 Preferred 2% Stock, $120 par Retained Earnings Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet. There are 260,000 shares of common stock authorized and 16,000 shares of preferred stock authorized. 732,000 6,842,000

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 17E: Reporting paid-in capital The following accounts and their balances were selected from the adjusted...

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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: 1 Common Stock, no par, $14 stated value $4,480,000.00 2 Paid-In Capital from Sale of Treasury Stock 45,000.00 3 Paid-In Capital in Excess of Par-Preferred Stock 210,000.00 4 Paid-In Capital in Excess of Stated Value-Common Stock 480,000.00 5 Preferred 2% Stock, $120 par 8,400,000.00 6 Retained Earnings 39,500,000.00 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. Amount Descriptions Common stock dividends Common stock, no par, $14…
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om/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocat- Current Position Analysis The following items are reported on a company's balance sheet: Cash $248,600 Marketable securities 194,200 Accounts receivable (net) 197,000 Inventory 137,100 Accounts payable 457,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratio Check My Work Email Ins All work saved. %23
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