menu
bartleby
search
close search
Hit Return to see all results
close solutoin list

Reporting paid-in capital 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: 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 and85,000 shares of preferred stock authorized.

BuyFindarrow_forward

Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436

Solutions

Chapter
Section
BuyFindarrow_forward

Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305088436
Chapter 13, Problem 14E
Textbook Problem
1 views

Reporting paid-in capital

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:

Chapter 13, Problem 14E, Reporting paid-in capital The following accounts and their balances were selected from the

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 and85,000 shares of preferred stock authorized.

To determine

Prepare the paid-in capital portion of the stockholders’ equity section of the balance sheet.

Explanation of Solution

Stockholders’ Equity Section: It is refers to the section of the balance sheet that shows the available balance of stockholders’ equity as on reported date at the end of the financial year.

Prepare the paid-in capital portion of the stockholders’ equity section of the balance sheet.

Incorporation PLG
At the end of fiscal year October 31
Stockholders’ equity section (Partial balance sheet)
ParticularsAmount ($)Amount ($)Amount ($)
Paid-in Capital:   

     Preferred 2% Stock, $120 par (85,000

     shares authorized, 70,000 shares issued)

$8,400,000  
     Excess over par

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 13 Solutions

Financial Accounting
Show all chapter solutions
add
Ch. 13 - National Furniture Company has 25,000 shares of...Ch. 13 - Dividends per share Zero Calories Company has...Ch. 13 - On August 26, Mountain Realty Inc. issued for cash...Ch. 13 - Entries for issuing stock On January 22, Zentric...Ch. 13 - The declaration, record, and payment dates in...Ch. 13 - Entries for cash dividends The declaration,...Ch. 13 - Olde Wine Corporation has 250,000 shares of 40 par...Ch. 13 - Entries for stock dividends Antique Buggy...Ch. 13 - Entries for treasury stock On January 31,...Ch. 13 - Entries for treasury stock On May 27, Hydro...Ch. 13 - Using the following accounts and balances, prepare...Ch. 13 - Reporting stockholders equity Using the following...Ch. 13 - Rockwell Inc. reported the following results for...Ch. 13 - Noric Cruises Inc. reported the following results...Ch. 13 - Financial statement data for the years ended...Ch. 13 - Financial statement data for the years ended...Ch. 13 - Triple Z Inc., a developer of radiology equipment,...Ch. 13 - Dividends per share Lightfoot Inc., a software...Ch. 13 - On April 20, Gallatin County Rocks Inc., a marble...Ch. 13 - On May 15, Helena Carpet Inc., a carpet...Ch. 13 - On July 11, American Lift Corporation, a...Ch. 13 - Selected stock transactions Alpha Sounds Corp., an...Ch. 13 - Issuing stock Willow Creek Nursery, with an...Ch. 13 - Occupational Products Inc., a wholesaler of office...Ch. 13 - Entries for cash dividends The declaration,...Ch. 13 - Entries for stock dividends Senior Life Co. is an...Ch. 13 - Mystic Lake Inc. bottles and distributes spring...Ch. 13 - Lawn Smart Inc. develops and produces spraying...Ch. 13 - Treasury stock transactions Biscayne Bay Water...Ch. 13 - Reporting paid-in capital The following accounts...Ch. 13 - Stockholders Equity section of balance sheet The...Ch. 13 - Stockholders Equity section of balance sheet...Ch. 13 - Sumter Pumps Corporation, a manufacturer of...Ch. 13 - Stockholders Equity section of balance sheet List...Ch. 13 - The stockholders equity T accounts of I-Cards Inc....Ch. 13 - Effect of stock split Copper Grill Restaurant...Ch. 13 - Effect of cash dividend and stock split Indicate...Ch. 13 - Selected dividend transactions, stock split...Ch. 13 - Junkyard Arts, Inc., had earnings of 316,000 for...Ch. 13 - Pacific Gas and Electric Company is a large gas...Ch. 13 - For a recent year, OfficeMax and Staples are two...Ch. 13 - Sunbird Theatre Inc. owns and operates movie...Ch. 13 - Stock transactions for corporate expansion On...Ch. 13 - The following selected accounts appear in the...Ch. 13 - Morrow Enterprises Inc. manufactures bathroom...Ch. 13 - Selected transactions completed by Primo Discount...Ch. 13 - Yosemite Bike Corp. manufactures mountain bikes...Ch. 13 - Stock transaction for corporate expansion Pulsar...Ch. 13 - Selected stock transactions Diamondback Welding ...Ch. 13 - Nav-Go Enterprises Inc. produces aeronautical...Ch. 13 - Entries for selected corporate transactions West...Ch. 13 - Ethics in Action Bernie Ebbers, the CEO of...Ch. 13 - Ethics in Action Lou Hoskins and Shirley Crothers...Ch. 13 - Epstein Engineering Inc. began operations on...Ch. 13 - The following stock exchange data for Microsoft...Ch. 13 - Motion Designs Inc. has paid quarterly cash...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions add
Give three examples of important trade-offs that you face in your life.

Principles of Microeconomics (MindTap Course List)

What is data mining?

Accounting Information Systems

Describe business marketing

MKTG 12:STUDENT ED.-TEXT

FUTURE VALUE OF AN ANNUITY Kind the future values of the following ordinary annuities: a. FV of 400 paid each 6...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

A secured bond is one that is backed by specific corporate assets.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)