chap 12-17 instructions The following accounts and their balances were selected
ID: 2526049 • Letter: C
Question
chap 12-17
instructions
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, $16 stated value
$5,072,000.00
2
Paid-In Capital from Sale of Treasury Stock
44,300.00
3
Paid-In Capital in Excess of Par-Preferred Stock
182,000.00
4
Paid-In Capital in Excess of Stated Value-Common Stock
480,000.00
5
Preferred 2% Stock, $105 par
7,035,000.00
6
Retained Earnings
38,645,000.00
Prepare the Paid-In Capital portion of the Stockholders’ Equity section of the balance sheet using Method 1 of
Exhibit 9
. 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.
Prepare the Paid-In Capital portion of the Stockholders’ Equity section of the balance sheet using Method 1 of
Exhibit 9
. 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
1
Paid-in capital:
2
3
4
5
6
7
8
9
1
Common Stock, no par, $16 stated value
$5,072,000.00
2
Paid-In Capital from Sale of Treasury Stock
44,300.00
3
Paid-In Capital in Excess of Par-Preferred Stock
182,000.00
4
Paid-In Capital in Excess of Stated Value-Common Stock
480,000.00
5
Preferred 2% Stock, $105 par
7,035,000.00
6
Retained Earnings
38,645,000.00
Explanation / Answer
Common stock Common stock, no par, $16 stated value; 375,000 shares authorized, 317,000 shares issued 50,72,000 Excess of issue price over par for Common Stock 4,80,000 Less: Treasury Stock -44,300 Total paid-in capital, Common stock 55,07,700 Preferred Stock Preferred 2% Stock, $105 par 70,35,000 Paid-In Capital in Excess of Par-Preferred Stock 4,80,000 Total paid-in capital, Preferred Stock 75,15,000 Total Paid in Capital 1,30,22,700
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