Specialty Auto Racing Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Specialty Auto Racing on July 31, the end of the current year: Common Stock, $10 par $420,000 Paid-In Capital from Sale of Treasury Stock-Common 31,700 Paid-In Capital in Excess of Par-Common Stock 126,000 Paid-In Capital in Excess of Par-Preferred Stock 82,500 Preferred 4% Stock, $50 par 1,375,000 Retained Earnings 2,482,900 Treasury Stock-Common 51,700 Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 4,700 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. Specialty Auto Racing Inc. Stockholders' Equity July 31, 20XX Paid-In Capital: Preferred 4% Stock, $50 Par (50,000 Shares Authorized, 27,500 Shares Issued) $fill in the blank 2 Excess of Issue Price Over Par fill in the blank 4 Paid-in capital, preferred stock $fill in the blank 6 Common Stock, $10 Par (200,000 Shares Authorized, 42,000 Shares Issued) $fill in the blank 8 Excess of Issue Price Over Par fill in the blank 10 Paid-in capital, common stock fill in the blank 12 From Sale of Treasury Stock fill in the blank 14 Total Paid-In Capital $fill in the blank 15 Retained Earnings fill in the blank 17 Total fill in the blank 18 Treasury Stock (4,700 Shares at Cost) fill in the blank 20 Total Stockholders' Equity

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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“Stockholders’ Equity” section of balance sheet

Specialty Auto Racing Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Specialty Auto Racing on July 31, the end of the current year:

Common Stock, $10 par	$420,000
Paid-In Capital from Sale of Treasury Stock-Common	31,700
Paid-In Capital in Excess of Par-Common Stock	126,000
Paid-In Capital in Excess of Par-Preferred Stock	82,500
Preferred 4% Stock, $50 par	1,375,000
Retained Earnings	2,482,900
Treasury Stock-Common	51,700

Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 4,700 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.

Specialty Auto Racing Inc.
Stockholders' Equity
July 31, 20XX
Paid-In Capital:
Preferred 4% Stock, $50 Par (50,000 Shares Authorized, 27,500 Shares Issued)	$fill in the blank 2
Excess of Issue Price Over Par	fill in the blank 4
Paid-in capital, preferred stock		$fill in the blank 6
Common Stock, $10 Par (200,000 Shares Authorized, 42,000 Shares Issued)	$fill in the blank 8
Excess of Issue Price Over Par	fill in the blank 10
Paid-in capital, common stock		fill in the blank 12
From Sale of Treasury Stock		fill in the blank 14
Total Paid-In Capital			$fill in the blank 15
Retained Earnings			fill in the blank 17
Total			fill in the blank 18
Treasury Stock (4,700 Shares at Cost)			fill in the blank 20
Total Stockholders' Equity

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