Stockholders' EquityPrepare 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 theAmount 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, 20XX1 Paid-in capital:4 XInstructionsThe following accounts and their balances were selected from the unadjusted trial balance ofPoint Loma Group Inc., a freight forwarder, at October 31, the end of the current fiscal year:1 Common Stock, no par, $13 stated value$4,147,000.002Paid-In Capital from Sale of Treasury Stock45,400.003 Paid-In Capital in Excess of Par-Preferred Stock192,000.004Paid-In Capital in Excess of Stated Value-Common Stock481,000.005 Preferred 2% Stock, $120 par7,800,000.006Retained Earnings40,795,000.00

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

Stockholders' Equity 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 1 Paid-in capital:

Stockholders' Equity 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 1 Paid-in capital:

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter13: 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...

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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: 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.
Income Statement and Retained Earnings Huff Company presents the following items derived from its December 31, 2019, adjusted trial balance: The following information is also available for 2019 and is not reflected in the preceding accounts: 1. The common stock has been outstanding all year. A cash dividend of 1.28 per share was declared and paid. 2. Land was sold at a pretax gain of 6,300. 3. Division X (a major component of the company) was sold at a pretax gain of 4,700. It had incurred a 9,500 pretax operating loss during 2019. 4. A tornado, which is an unusual event in the area, caused a 5,400 pretax loss. 5. The income tax rate on all items of income is 30%. 6. The average shareholders equity is 90,000. Required: 1. Prepare a 2019 multiple-step income statement for Huff. 2. Prepare a 2019 retained earnings statement. 3. Compute the 2019 return on common equity (Net Income 4 Average Shareholders Equity).
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…
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 $700,000 Paid-In Capital from Sale of Treasury Stock 422,700 Paid-In Capital in Excess of Par—Preferred Stock 122,400 Paid-In Capital in Excess of Stated Value—Common Stock 1,680,000 Preferred 2% Stock, $120 par 1,020,000 Retained Earnings 5,208,000 Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. There are 160,000 shares of common stock authorized and 23,000 shares of preferred stock authorized. Point Loma Group Inc., Stockholders' Equity October 31, 20XX Paid-in Capital: Preferred 2% Stock, $120 Par (23,000 Shares Authorized, 8,500 Shares Issued) $fill in the blank 2 fill in the blank 4 $fill in the blank 6 $fill in the blank 8 fill…
Reporting Paid-In Capital The following accounts and their balances were selected from the adjusted trial balance of Block Ayala Group Inc., a freight forwarder, at October 31, the end of the current fiscal year: Common Stock, no par, $22 stated value $5,500,000 Paid-In Capital from Sale of Treasury Stock 35,000 Paid-In Capital in Excess of Par—Preferred Stock 165,000 Paid-In Capital in Excess of Stated Value—Common Stock 380,000 Preferred 2% Stock, $110 par 6,050,000 Retained Earnings 31,036,000 Prepare the Paid-In Capital portion of the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. There are 300,000 shares of common stock authorized and 100,000 shares of preferred stock authorized. Block Ayala Group Inc.,Stockholders' EquityOctober 31 Paid-In Capital: $- Select - - Select - $- Select - $- Select - - Select - - Select - - Select - Total Paid-In Capital…
The accounts below appear in the December 31, 200B trial balance of M Company: Authorized common stock P2,500,000 Unissued common stock 1,000,000 Subscribed common stock 500,000 Subscription receivable 200,000 Additional paid-in capital 250,000 Retained earnings unappropriated 300,000 Retained earnings appropriated 150,000 Revaluation increment in property 100,000 Treasury stock, at cost 50,000 In its December 31, 200B balance sheet, M should report total stockholders' equity at a. P2,550,000 b. P2,750,000 c. P2,450,000 d. P2,400,000
Closet Organizers Inc. sells closet organizing systems. Selected accounts and their balancesas of September 30, the end of the current year are: Common Stock, $42 par 12,810,000Paid-in Capital from Sale of Treasury Stock-Common 330,000Paid-in Capital in Excess of Par - Common Stock 453,000Paid-in Capital in Excess of Par - Preferred Stock 156,000Preferred 2% stock, $100 par 520,000Retained Earnings 64,358,000Treasury Stock-Common 1,006,250 Prepare the Stockholder's Equity section of the balance sheet as of September 30, the end ofthe current year using Method 1 of Exhibit 8. Preferred stock has sixty thousand shares authorizedand common stock has four hundred thousand shares authorized. There are twenty-fivethousand shares of common stock held as treasury stock.
The trial balance of Titan Company on December 31, 2018 includes the following accounts: Share capital P1,500,000Share premium 500,000Treasury shares, at cost 200,000Retained earnings unappropriated 600,000Retained earnings appropriated 300,000 What amount should be reported as total shareholders’ equity?a. P2,700,000b. P3,100,000c. P2,600,000d. P2,300,000
Kristopher Company began operations in 2014. At 12/31/22, Kristopher had a debit balance of $25,000 in its Allowance for Adjustment to Market. At January 1, 2022, Kristopher owned the following securities, accounted for using the fair value method. Cost MJO Common (25,000 shares) $550,000 JKH Preferred (1,900 shares) 199,500 EKH Common (7,500 shares) 82,500 During 2022 the following events occurred: 4/3/22 Sold 3,000 shares of MJO for $75,000. 9/6/22 Acquired 1,500 shares of WVO Common for $25 per share. At 12/31/22, the fair values for Kristopher’s securities were: MJO Common, $24 per share JKH Preferred, $103 per share EKH Common, $13 per share WVO Common, $27 per share Required: Prepare any journal entries required in 2022 to record the securities activity, including any required adjusting entries at 12/31/22. Show any calculations.…
Zinc Co.'s adjusted trial balance at December 31, 20x1, includes the following account balances: Ordinary shares, ₱3 par ₱600,000 Share premium 800,000 Treasury stock, at cost 50,000 Accumulated other comprehensive income (Debit) 20,000 Retained earnings appropriated for uninsured earthquake losses 150,000 Retained earnings - unappropriated 200,000 What amount should Zinc report as total stockholders' equity in its December 31, 20x1, balance sheet? a.1,680,000 b. 1,720,000 c. 1,780,000 d. 1,820,000
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Account Title Debits CreditsSales revenue $ 1,300,000Interest revenue 30,000Gain on sale of investments 50,000Cost of goods sold $ 720,000Selling expense 160,000General and administrative expense 75,000Interest expense 40,000Income tax expense 130,000 There were 100,000 shares of common stock outstanding throughout 2021.Required:1. Prepare a single-step income statement…
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 20Y8, were as follows: 1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Issued 15,000 shares of $20 par common stock at $30, receiving cash.