Reporting Paid-In Capital The following accounts and their balances were selected from the adjusted trial balance...

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Reporting Paid-In Capital The following accounts and their balances were selected from the adjusted trial balance of Point Lo

Retained Earnings Statement Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for t

business accounting

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1

POINT LOMA GROUP INC
Stockholders equity
October 31, 20XX
Paid in capital
Preferred 2% stock , $120par	5,88,000
Excess of issue price over par	70,560
Paid in capital, preferred stock		6,58,560
Common stock, no par $14 stated value	7,00,000
Excess of issue price over stated value	16,80,000
Paid in capital, common stock		23,80,000
From the sale of treasury stock		3,64,600
Total paid in capital		34,03,160

2.

Sumter pumps corporation
Retained earnings statement
For the year Ended December 31, 20Y3
Retained earnings , Janurary 1		5,37,700
Net Income	80,700
Dividends (14500 + 27400)	41,900
Change in retained earnings (80700 - 41900)		38,800
Retained earnings, December 31 (537700 + 38800)		5,76,500

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