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 blank 4 $fill in the blank 6 $fill in the blank 8 fill in the blank 10 fill in the blank 12 fill in the blank 14 Total Paid-In Capital $fill in the blank 15 fill in the blank 17 fill in the blank 19 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

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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	$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 blank 4
		$fill in the blank 6
	$fill in the blank 8
	fill in the blank 10
		fill in the blank 12
		fill in the blank 14
Total Paid-In Capital			$fill in the blank 15
			fill in the blank 17
			fill in the blank 19
Total Stockholders' Equity			$fill in the blank 20

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