"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 $360,000 Paid-In Capital from Sale of Treasury Stock-Common 27,100 Paid-In Capital in Excess of Par-Common Stock 108,000 Paid-In Capital in Excess of Par-Preferred Stock 92,400 Preferred 4% Stock, $50 par 1,540,000 Retained Earnings 2,595,600 Treasury Stock-Common 57,200 Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 5,200 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

"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 $360,000 Paid-In Capital from Sale of Treasury Stock-Common 27,100 Paid-In Capital in Excess of Par-Common Stock 108,000 Paid-In Capital in Excess of Par-Preferred Stock 92,400 Preferred 4% Stock, $50 par 1,540,000 Retained Earnings 2,595,600 Treasury Stock-Common 57,200 Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 5,200 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

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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The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value $0 Common stock, $5 par value 19,500 Additional paid-in capital 93,600 Total paid-in capital 113,100 Retained earnings 52,500 Treasury stock (3,600) Total stockholders' equity $162,000 Based on the stockholders’ equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 2. How many shares of common stock have been issued? (Enter your answer in total number of shares, not in thousands.) Number of shares
The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value $0 Common stock, $5 par value 19,500 Additional paid-in capital 93,600 Total paid-in capital 113,100 Retained earnings 52,500 Treasury stock (3,600) Total stockholders' equity $162,000 Based on the stockholders’ equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 5. If the treasury stock was purchase at $18 per share, how many shares were purchased? (Enter your answer in total number of shares, not in thousands.) Number of shares
The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Line Item Description Amount Common Stock, $15 par $154,500 Paid-In Capital from Sale of Treasury Stock 6,700 Paid-In Capital in Excess of Par—Common Stock 12,360 Retained Earnings 255,000 Treasury Stock 9,595 Prepare the "Stockholders' Equity" section of the balance sheet as of June 30. Regarding the common stock, 50,000 shares are authorized, and 505 shares have been reacquired.
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, $36 par $10,100,00 Paid-In Capital from Sale of Treasury Stock—Common 340,000 Paid-In Capital in Excess of Par—Common Stock 420,000 Paid-In Capital in Excess of Par—Preferred Stock 369,000 Preferred 1% Stock, $150 par 7,200,000 Retained Earnings 71,684,000 Treasury Stock - Common 1,010,000 Fifty thousand shares of preferred and 300,000 shares of common stock are authorized. There are 24,000 shares of common stock held as treasury stock. Prepare the Stockholders’ Equity section of the balance sheet as of July 31, the end of the current year, using Method 1 of Exhibit 9 on page 577.
The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value $0 Common stock, $5 par value Additional paid-in capital Total paid-in capital 70,400 Retained earnings 49,000 Treasury stock (2,900) Total stockholders' equity $116,500 Based on the stockholders' equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 16,000 54,400 How many shares of common stock have been issued? (Enter your answer in total number of shares, not in thousands.) Total paid-in capital is $70.40 million. At what average price per share were the common shares issued? If retained earnings at the beginning of the period was $42 million and net income during the year was $10,622,500, how much was paid in dividends for the year? (Enter your answer in dollars not in millions. (i.e., 5 should be entered as 5,000,000).) If the…
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 Inc. on July 31, the end of the current year: Common Stock, $10 par $340,000 Paid-In Capital from Sale of Treasury Stock-Common 25,600 Paid-In Capital in Excess of Par-Common Stock 102,000 Paid-In Capital in Excess of Par-Preferred Stock 84,900 Preferred 4% Stock, $50 par 1,415,000 Retained Earnings 2,400,400 Treasury Stock-Common 52,800 Fifty thousand shares of preferred and 200,000 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 8 Specialty Auto Racing Inc Stockholders' Equity July 31 Paid-In Capital: $fill in the blank 2 fill in the…
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Required information [The following information applies to the questions displayed below.] The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value Common stock, $5 par value Additional paid-in capital Total paid-in capital Retained earnings Treasury stock Total stockholders' equity $0 13,000 28,600 Number of shares 41,600 46,000 (2,300) $85,300 Based on the stockholders' equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 5. If the treasury stock was purchased at $16 per share, how many shares were purchased? (Enter your answer in total number of shares, not in thousands.)
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The following stockholders' equity accounts arranged alphabetically are in the ledger of Concord Corporation at December 31, 2022. Common Stock ($7 stated value) Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Preferred Stock (8%, $55 par) Retained Earnings Treasury Stock (10,000 common shares) 4: eTextbook and Media List of Accounts Save for Later + Prepare a stockholders' equity section at December 31, 2022. (Enter the account name only and do not provide the descriptive information provided in the question.) + $2,793,000 ◆ 11,000 675,000 159,000 880,000 1,748,000 130,000 CONCORD CORPORATION Balance Sheet (Partial) $ $ Attempts: 0 of 3 used $ Submit Answer
The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par value $0 Common stock, $5 par value 19,500 Additional paid-in capital 93,600 Total paid-in capital 113,100 Retained earnings 52,500 Treasury stock (3,600 Total stockholders' equity $162,000 Based on the stockholders’ equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 3. Total paid-in capital is $113.10 million. At what average price per share were the common shares issued? Common share issued per share