question archive The following accounts and their balances were selected from the unadjusted trial balance of CW Group Inc
The following accounts and their balances were selected from the unadjusted trial balance of CW Group Inc
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The following accounts and their balances were selected from the unadjusted trial balance of CW Group Inc., a freight forwarder, at March 31, the end of the current fiscal year:
Preferred 1% Stock, $75 par................$ 4,500,000
Paid-In Capital in Excess of par-preferred Stock ....... 180,000
Common Stock, no par, $8 stated value.......... 2,400,000
Paid-In Capital in Excess of Stated value-Common Stock..... 450,000
Paid-In Capital from Sale of Treasury Stock........ 190,000
Retained Earnings................... 11,570,000
Prepare the paid-In Capital portion of the Stockholders’ Equity section of the balance sheet. There are 500,000 shares of common stock authorized and 100,000 shares of preferred stock authorized.
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Stockholders' Equity
Paid-in capital:
Preferred 1% stock, $75 par
(100,000 shares authorized,
60,000 shares issued)......................... $4,500,000
Excess of issue price over par.................. 180,000 $ 4,680,000
Common stock, no par, $8 stated
value (500,000 shares author-
ized, 300,000 shares issued).............. $2,400,000
Excess of issue price over par.................. 450,000 2,850,000
From sale of treasury stock...................... 190,000
Total paid-in capital........................... $7,720,000
