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 $450,000 311,300 Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Preferred Stock 114,000 Paid-In Capital in Excess of Stated Value-Common Stock Preferred 2% Stock, $100 par Retained Earnings. Prepare the Paid-In Capital portion of the "Stockholders' Equity" section of the balance sheet using Method 1 of Exhibit 9. There are 290,000 shares of common stock authorized and 25,000 shares of preferred stock authorized. Point Loma Group Inc. Balance Sheet October 31, 20XX Stockholder's Equity Paid-in Capital: Total Paid-In Capital 1,080,000 950,000 3,835,000 100 100
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 $450,000 311,300 Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Preferred Stock 114,000 Paid-In Capital in Excess of Stated Value-Common Stock Preferred 2% Stock, $100 par Retained Earnings. Prepare the Paid-In Capital portion of the "Stockholders' Equity" section of the balance sheet using Method 1 of Exhibit 9. There are 290,000 shares of common stock authorized and 25,000 shares of preferred stock authorized. Point Loma Group Inc. Balance Sheet October 31, 20XX Stockholder's Equity Paid-in Capital: Total Paid-In Capital 1,080,000 950,000 3,835,000 100 100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Qd 37.
Transcribed Image Text: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
$450,000
311,300
Paid-In Capital from Sale of Treasury Stock
Paid-In Capital in Excess of Par-Preferred Stock
114,000
Paid-In Capital in Excess of Stated Value-Common Stock
Preferred 2% Stock, $100 par
1,080,000
950,000
3,835,000
Retained Earnings
Prepare the Paid-In Capital portion of the "Stockholders' Equity" section of the balance sheet using Method 1 of Exhibit 9. There are 290,000 shares of common stock authorized and 25,000 shares of preferred stock authorized.
Point Loma Group Inc.
Balance Sheet
October 31, 20XX
Stockholder's Equity
Paid-in Capital:
Total Paid-In Capital
00 00
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