Question: The following accounts and their balances were selected from the unadjusted

The following accounts and their balances were selected from the unadjusted trial balance of Sailors Inc., a freight forwarder, at August 31, the end of the current fiscal year:
Preferred 3% Stock, $100 par ............... $1,500,000
Paid-In Capital in Excess of Par—Preferred Stock ...... 180,000
Common Stock, no par, $10 stated value ............ 675,000
Paid-In Capital in Excess of Stated Value—Common Stock .. 125,000
Paid-In Capital from Sale of Treasury Stock .......... 14,500
Retained Earnings ................... 2,106,500
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 50,000 shares of preferred stock authorized.




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  • CreatedJuly 17, 2012
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