**Stockholders' Equity Section Overview**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.**Point Loma Group Inc.****Stockholders' Equity (Paid-In Capital Section)****October 31, 20XX**| | **Paid-in capital:** ||---|----------------------|| 1 | || 2 | || 3 | || 4 | || 5 | || 6 | || 7 | || 8 | || 9 | |Note: The table in the image seems to be a template for inputting details related to paid-in capital. It’s crucial to reference the Amount Descriptions list to ensure accurate and standardized entries. ### Educational Website Content#### Topic: Understanding Trial Balances**Instructions:**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:| Account Description | Balance (USD) ||-----------------------------------------------------------|--------------------|| 1. Common Stock, no par, $13 stated value | $4,147,000.00 || 2. Paid-In Capital from Sale of Treasury Stock | $45,400.00 || 3. Paid-In Capital in Excess of Par-Preferred Stock | $192,000.00 || 4. Paid-In Capital in Excess of Stated Value-Common Stock | $481,000.00 || 5. Preferred 2% Stock, $120 par | $7,800,000.00 || 6. Retained Earnings | $40,795,000.00 |**Explanation of Entries:**1. **Common Stock, No Par, $13 Stated Value**: - This account reflects the total value of common stock issued by Point Loma Group Inc. The "no par" stock implies that the stock does not have a par value; however, it has a stated value of $13 per share.2. **Paid-In Capital from Sale of Treasury Stock**: - This account includes the additional capital generated from the sale of treasury stock over its cost. Treasury stock is previously issued stock that the company repurchased and then resold.3. **Paid-In Capital in Excess of Par-Preferred Stock**: - This entry captures the funds received from issuing preferred stock, over and above its par value. Par value is the nominal or face value assigned to the stock.4. **Paid-In Capital in Excess of Stated Value-Common Stock**: - This account contains the excess amount received from issuing common stock beyond its stated value. Stated value is similar to par value but applicable for no-par stocks.5. **Preferred 2% Stock, $120 Par**: - This represents the total value of preferred stock issued by the company, with a par value of $120 per share and a 2% dividend rate.6. **Retained Earnings**: - Retained earnings show the accumulated net income that the

Paid in capital section of stockholders equity does not include retained earnings

Answered: Stockholders' Equity Prepare the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

! Required Information [The following information applies to the questions displayed below.] The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders' Equity (January 1) Common stock-$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31) Common stock-$5 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($40,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.40 per share cash dividend, date of record January 10. March 20 Purchased treasury stock for cash. April 5 July 5 July 31. Declared a $0.40 per share cash dividend,…
Instructions On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 72,900 shares of $10 par common stock at $14, and on November 19, it issued for cash 20,640 shares of preferred stock, $50 par at $52. Required: A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles. B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? Journal JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT DATE
Please do not give solution in image format thanku
Please help me jn this sir accounting question
Required: Prepare the stockholders' equity section of the balance sheet for For Feet's Sake as of December 31, 2024. (Amounts to be deducted should be indicated by a minus sign.) FOR FEET'S SAKE Balance Sheet (Stockholders' Equity Section) December 31, 2024 Stockholders' equity: Retained earnings Common stock Additional paid-in capital Total paid-in capital Total stockholders' equity S 0
Topic: Stockholders’ Equity Section of the Balance Sheet The following summaries for 1Maryland Service, Inc., and 2Grapone, Co., provide the information needed to prepare the stockholders’ equity section of each company’s balance sheet. The two companies are independent. Maryland is authorized to issue 44,000 shares of $1 par common stock. All the stock was issued at $11 per share. The company incurred net losses of $47,000 in 2009 and $15,000 in 2010. It earned net income of $32,000 in 2011 and $178,000 in 2012. The company declared no dividends during the four-year period. 2. Grapone’s charter authorizes the issuance of 70,000 shares of 5%, $14 par preferred stock and 470,000 shares of no-par common stock. Grapone issued 1,400 shares of the preferred stock at $14 per share. It issued 130,000 shares of the common stock for $260,000. The company’s retained earnings balance at the beginning of 2012 was $60,000. Net income for 2012 was $98,000, and the company declared the specified…
Required information [The following information applies to the questions displayed below.] The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value Common stock, $5 par value Additional paid-in capital Total paid-in capital Retained earnings Treasury stock Total stockholders' equity $0 13,000 28,600 Number of shares 41,600 46,000 (2,300) $85,300 Based on the stockholders' equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 5. If the treasury stock was purchased at $16 per share, how many shares were purchased? (Enter your answer in total number of shares, not in thousands.)
Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 45,000 shares of $12 par common stock at $41, and on February 27, it issued for cash 130,000 shares of preferred stock, $5 par at $8. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. Jan. 22 Cash Common Stock Paid-In Capital in Excess of Par-Common Stock Feb. 27 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?$
Reporting StocknolderS Equity Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. Two hundred thousand shares of common stock are authorized. and 5,000 shares have been reacquired. Common Stock, $3 par $270,000 Paid-In Capital from Sale of Treasury Stock 62,000 Paid-In Capital in Excess of Par-Common Stock 1,196,000 Retained Earnings 7,430,000 Treasury Stock 230,000 Stockholders' Equity Paid-in capital: Total Paid-In Capital Total Stockholders' Equity 0000 00 00 64
Project 1: Stockholders' Equity (10 points) Required: Answer the questions on the following page in Excel and upload your file to Moodle by the deadline specified by your Shown below is the stockholders' equity section of Holiday Travels' balance sheet at December 31, 2022: Common stock, $2 par value, 5,000,000 shares authorized, 370,000 shares issued and outstanding Additional paid-in capital Retained earnings Total stockholders' equity $740,000 1,595,000 2,680,000 $5,015,000 During 2023, the following events occurred: > Holiday Travels was authorized to sell 120,000 shares of $100 par, 6% preferred stock > Holiday sold 23,000 shares of the preferred stock at par value A cash dividend of $235,000 was declared and paid Holiday Travels declared and issued a 10% stock dividend on the common stock when the market value of the stock was $17 per share Net income for the year was $1,650,000
Please answer in text form without image
Chapter 10: Stockholders' Equity and Appendix D Use the Stockholders' Equity section of FSB's Balance Sheet to answer the questions below. FSB Enterprises Balance Sheet (partial) At December 31, 202A Stockholders' Equity: Preferred stock (Par $100) Common stock (Par $0.20) Additional Paid in capital 1,000,000 120,000 8,915,000 Total paid in capital Retained earnings Treasury stock (3,00 common shares) Total stockholders equity 10,035,000 1,400,000 -54,000 11,381,000 1 How many shares of preferred stock have been issued? 2a How many shares of common stock have been issued? 2b How many of the common shares are outstanding? 3 If the common shares were issued at $15 per share, at what average price were preferred shares issued? Carry to two decimals. 4 If retained earnings at the beginning of the period was $1,250,000 and $325,000 was earned in net income, what was the amount of dividends declared during the year? What was the average cost per share of the treasury stock acquired? Carry 5…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS