Stockholders' Equity" section of balance sheet pecialty Auto Racing Inc. retails racing products for BMWS, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Specialt uto Racing on July 31, the end of the current year: Common Stock, $10 par $800,000 Paid-In Capital from Sale of Treasury Stock-Common 60,300 Paid-In Capital in Excess of Par-Common Stock 240,000 Paid-In Capital in Excess of Par-Preferred Stock Preferred 4% Stock, $50 par 84,000 1,400,000 Retained Earnings 3,152,800 Treasury Stock-Common 52,800 One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 4,800 shares of common stock held as treasury tock. repare 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 (100,000 Shares Authorized, 28,000 Shares Issued) 1,400,000 Excess of Issue Price Over Par Paid-in capital, preferred stock Common Stock, $10 Par (400,000 Shares Authorized, 80,000 Shares Issued) Excess of Issue Price Over Par Paid-in capital, common stock From Sale of Treasury Stock Total Paid-In Capital Retained Earnings 3,152,800 Total Treasury Stock (4,800 Shares at Cost) Total Stockholders' Equity
Stockholders' Equity" section of balance sheet pecialty Auto Racing Inc. retails racing products for BMWS, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Specialt uto Racing on July 31, the end of the current year: Common Stock, $10 par $800,000 Paid-In Capital from Sale of Treasury Stock-Common 60,300 Paid-In Capital in Excess of Par-Common Stock 240,000 Paid-In Capital in Excess of Par-Preferred Stock Preferred 4% Stock, $50 par 84,000 1,400,000 Retained Earnings 3,152,800 Treasury Stock-Common 52,800 One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 4,800 shares of common stock held as treasury tock. repare 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 (100,000 Shares Authorized, 28,000 Shares Issued) 1,400,000 Excess of Issue Price Over Par Paid-in capital, preferred stock Common Stock, $10 Par (400,000 Shares Authorized, 80,000 Shares Issued) Excess of Issue Price Over Par Paid-in capital, common stock From Sale of Treasury Stock Total Paid-In Capital Retained Earnings 3,152,800 Total Treasury Stock (4,800 Shares at Cost) Total Stockholders' Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:"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
$800,000
Paid-In Capital from Sale of Treasury Stock-Common
60,300
Paid-In Capital in Excess of Par-Common Stock
240,000
Paid-In Capital in Excess of Par-Preferred Stock
84,000
Preferred 4% Stock, $50 par
1,400,000
Retained Earnings
3,152,800
Treasury Stock-Common
52,800
One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 4,800 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 (100,000 Shares Authorized, 28,000 Shares Issued)
1,400,000
Excess of Issue Price Over Par
Paid-in capital, preferred stock
Common Stock, $10 Par (400,000 Shares Authorized, 80,000 Shares Issued)
Excess of Issue Price Over Par
Paid-in capital, common stock
From Sale of Treasury Stock
Total Paid-In Capital
Retained Earnings
3,152,800
Total
Treasury Stock (4,800 Shares at Cost)
Total Stockholders' Equity
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