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 $440,000 Paid-In Capital from Sale of Treasury Stock-Common 33,200 Paid-In Capital in Excess of Par-Common Stock 132,000 Paid-In Capital in Excess of Par-Preferred Stock 75,000 Preferred 4% Stock, $50 par 1,250,000 Retained Earnings 2,354,800 Treasury Stock-Common 47,300 Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 4,300 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 IncStockholders' EquityJuly 31 Paid-In Capital: $- Select - - Select - $- Select - $- Select - - Select - - Select - - Select - Total Paid-In Capital $fill in the blank 15 - Select - - Select - Total Stockholders' Equity $fill in the blank 20

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 Inc. on July 31, the end of the current year:

Common Stock, $10 par	$440,000
Paid-In Capital from Sale of Treasury Stock-Common	33,200
Paid-In Capital in Excess of Par-Common Stock	132,000
Paid-In Capital in Excess of Par-Preferred Stock	75,000
Preferred 4% Stock, $50 par	1,250,000
Retained Earnings	2,354,800
Treasury Stock-Common	47,300

Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 4,300 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 IncStockholders' EquityJuly 31

Paid-In Capital:
	$- Select -
	- Select -
		$- Select -
	$- Select -
	- Select -
		- Select -
		- Select -
Total Paid-In Capital			$fill in the blank 15
			- Select -
			- Select -
Total Stockholders' Equity			$fill in the blank 20