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 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 4% Stock, $50 par Retained Earnings Treasury Stock-Common Stock shares authorized are: preferred stock, 100,000 shares; common stock, 400,000 shares. There are 4,100 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 10. Specialty Auto Racing Inc. Stockholders' Equity July 31, 20XXx Paid-In Capital: Preferred 4% Stock, $50 Par (100,000 Shares Authorized, 24,100 Shares Issued) Excess of Issue Price Over Par From Sale of Treasury Stock Line Item Description Total Paid-In Capital Retained Earnings Paid-in capital, preferred stock Common Stock, $10 Par (400,000 Shares Authorized, 68,000 Shares Issued) Excess of Issue Price Over Par Paid-in capital, common stock ✓ ✓ Total Treasury Stock (4,100 Shares at Cost) Total Stockholders' Equity $680,000 51,300 204,000 72,300 1,205,000 2,699,400 45,100 ✓ ✔ V ✓ Amount Amount 00 00 00 0 Amount 100000
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 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 4% Stock, $50 par Retained Earnings Treasury Stock-Common Stock shares authorized are: preferred stock, 100,000 shares; common stock, 400,000 shares. There are 4,100 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 10. Specialty Auto Racing Inc. Stockholders' Equity July 31, 20XXx Paid-In Capital: Preferred 4% Stock, $50 Par (100,000 Shares Authorized, 24,100 Shares Issued) Excess of Issue Price Over Par From Sale of Treasury Stock Line Item Description Total Paid-In Capital Retained Earnings Paid-in capital, preferred stock Common Stock, $10 Par (400,000 Shares Authorized, 68,000 Shares Issued) Excess of Issue Price Over Par Paid-in capital, common stock ✓ ✓ Total Treasury Stock (4,100 Shares at Cost) Total Stockholders' Equity $680,000 51,300 204,000 72,300 1,205,000 2,699,400 45,100 ✓ ✔ V ✓ Amount Amount 00 00 00 0 Amount 100000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Chap 11 Q.7
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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
$680,000
51,300
204,000
72,300
1,205,000
2,699,400
45,100
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 4% Stock, $50 par
Retained Earnings
Treasury Stock-Common
Stock shares authorized are: preferred stock, 100,000 shares; common stock, 400,000 shares. There are 4,100 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 10.
Specialty Auto Racing Inc.
Stockholders' Equity
July 31, 20XX
les Tab Window Help
From Sale of Treasury Stock
Total Paid-In Capital
Retained Earnings
Total
Paid-In Capital:
Preferred 4% Stock, $50 Par (100,000 Shares Authorized, 24,100 Shares Issued)
Excess of Issue Price Over Par
Paid-in capital, preferred stock
Common Stock, $10 Par (400,000 Shares Authorized, 68,000 Shares Issued)
Excess of Issue Price Over Par
✓
Paid-in capital, common stock
Feedback
✓
Check My Work
Line Item Description
Treasury Stock (4,100 Shares at Cost)
Total Stockholders' Equity
✓
✓
Course Home
✓
✓
▾
✓
✓
Amount
00 00
Amount
100
8
Amount
Q
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