Obj. 6 Specialty Auto Racing Inc. retails racing products for BMWS, Porsches, and Ferraris. The fol- lowing accounts and their balances appear in the ledger of Specialty Auto Racing on bu the end of the current year: $10,080,000 Common Stock, $36 par. 340,000 Paid-In Capital from Sale of Treasury Stock-Common. Paid-In Capital in Excess of Par-Common Stock...... Paid-In Capital in Excess of Par-Preferred Stock. Preferred 1% Stock, $150 par. 420,000 384,000 7,200,000 71,684,000 Retained Earnings .... 1,008,000 Treasury Stock-Common Fifty thousand shares of preferred and 300,000 shares of common stock are authorized. There are 24,000 shares of common stock held as treasury stock. Prepare the Stockholders' Equity section of the balance sheet as of July 31, the end of the current year, using Method 1 of Exhibit 9.

Obj. 6 Specialty Auto Racing Inc. retails racing products for BMWS, Porsches, and Ferraris. The fol- lowing accounts and their balances appear in the ledger of Specialty Auto Racing on bu the end of the current year: $10,080,000 Common Stock, $36 par. 340,000 Paid-In Capital from Sale of Treasury Stock-Common. Paid-In Capital in Excess of Par-Common Stock...... Paid-In Capital in Excess of Par-Preferred Stock. Preferred 1% Stock, $150 par. 420,000 384,000 7,200,000 71,684,000 Retained Earnings .... 1,008,000 Treasury Stock-Common Fifty thousand shares of preferred and 300,000 shares of common stock are authorized. There are 24,000 shares of common stock held as treasury stock. Prepare the Stockholders' Equity section of the balance sheet as of July 31, the end of the current year, using Method 1 of Exhibit 9.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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