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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: Common Stock, no par, $14 stated value $4,480,000 45,000 Paid-In Capital from Sale of Treasury Stock

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 $4,480,000 45,000 Paid-In Capital from Sale of Treasury Stock

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject :- Accounting 

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, $14 stated value Paid-In Capital from Sale of Treasury Stock $4,480,000 45,000 210,000 Paid-In Capital in Excess of Par-Preferred Stock Pald-In Capital in Excess of Stated Value-Common Stock 480,000 Preferred 2% Stock, $120 par Retained Earnings Prepare the Paid-In Capital portion of the "Stockholders' Equity" section of the balance sheet using Method 1 of Exhibit 10. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized. Point Loma Group Inc. Balance Sheet October 31, 20XX Line Item Description Stockholder's Equity Paid-in Capital: Total Paid-In Capital 8,400,000 39,500,000 Amount Amount Amount
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, $14 stated value Paid-In Capital from Sale of Treasury Stock $4,480,000 45,000 210,000 Paid-In Capital in Excess of Par-Preferred Stock Pald-In Capital in Excess of Stated Value-Common Stock 480,000 Preferred 2% Stock, $120 par Retained Earnings Prepare the Paid-In Capital portion of the "Stockholders' Equity" section of the balance sheet using Method 1 of Exhibit 10. There are 375,000 shares of common stock authorized and 85,000 shares of preferred stock authorized. Point Loma Group Inc. Balance Sheet October 31, 20XX Line Item Description Stockholder's Equity Paid-in Capital: Total Paid-In Capital 8,400,000 39,500,000 Amount Amount Amount
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