The following accounts and their balances were selected from the unadjusted trial bal- ance 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... Paid-In Capital in Excess of Par-Preferred Stock .... Paid-In Capital in Excess of Stated Value-Common Stock Preferred 2% Stock, $120 par . Retained Earnings $ 4,480,000 45,000 210,000 480,000 8,400,000 39,500,000 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.

The following accounts and their balances were selected from the unadjusted trial bal- ance 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... Paid-In Capital in Excess of Par-Preferred Stock .... Paid-In Capital in Excess of Stated Value-Common Stock Preferred 2% Stock, $120 par . Retained Earnings $ 4,480,000 45,000 210,000 480,000 8,400,000 39,500,000 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.

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.
Assume that as of January 1, 20Y8, Sylvester Con- suiting has total assets of $500,000 and total assets of $150,000. As of December 31, 20Y8, Sylvester has total liabilities of $200,000 and total stockholders’ equity of $400,000. (a) What was Sylvester’s stockholders’ equity as of January 1, 20Y8? (b) Assume that Sylvester did not pay any dividends during 20Y8. What was the amount of net income for 20Y8?
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 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…
The trial balance and additional information given below were extracted from the accounting records of Dysan Limited on 29 February 2020, the end of the financial year. REQUIRED Prepare the Statement of Financial Position as at 29 February 2020. The notes to the financial statements are not required. Show workings in brackets. INFORMATION DYSAN LIMITED PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020 Debit (R) Credit (R) Balance sheet accounts section Ordinary share capital (100 000 shares) 200 000 Retained earnings 62 000 Vehicles at cost 180 000 Equipment at cost 120 000 Accumulated depreciation on vehicles 90 000 Accumulated depreciation on equipment 38 000 Trading inventory 70 000 Debtors control 32 000 Provision for bad debts 4 000 Bank 182 000 Cash float 2 000 Creditors control 40 000 South African Revenue…
Cora's Cookie Company provided the following account balances from its year-end trial balance. During the year, Cora issued no-par common stock. The proceeds of the new issue were $30,000. The company is subject to a 40% income tax rate. The beginning balance in common stock was $510,000. Cora’s Cookie Company Trial Balance (Selected Accounts) For the Current Year Ended December 31 Account Debit Credit Retained Earnings, Beginning Balance $1,317,000 Accumulated Other Comprehensive Income, Beginning Balance $56,750 Dividends 53,000 Sales 1,405,000 Interest Income 3,600 Dividend Income 3,850 Gain on Sale of Property 6,200 Gain on Disposal of Plant Assets 65,000 Unrealized Gain on Trading Investments 27,350 Unrealized Gain on Available-for-Sale Bonds before Tax 3,700 Gain on Sale of Discontinued Operations before Tax 59,200 Cost of Goods Sold 600,000 Selling Expenses 36,000 Office Supplies Expense 55,600 Amortization Expense 11,500 Sales Salaries…
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.
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
The original sale of the $50 par value common shares of Blue Company was recorded as follows: Cash 296,400 Common Stock 260,000 Paid-in Capital in Excess of Par 36,400 Transactions: (a) Bought 420 shares of common stock as treasury shares at $61. (b) Sold 130 shares of treasury stock at $59. (c) Sold 60 treasury shares at $67. Record the treasury stock transactions (given above) under the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b) (c)