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 $320,000 Paid-In Capital from Sale of Treasury Stock-Common 24,100 Paid-In Capital in Excess of Par-Common Stock 96,000 Paid-In Capital in Excess of Par-Preferred Stock 89,100 Preferred 4% Stock, $50 par 1,485,000 Retained Earnings 2,457,300 Treasury Stock-Common 55,000 Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 5,000 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 8
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 $320,000 Paid-In Capital from Sale of Treasury Stock-Common 24,100 Paid-In Capital in Excess of Par-Common Stock 96,000 Paid-In Capital in Excess of Par-Preferred Stock 89,100 Preferred 4% Stock, $50 par 1,485,000 Retained Earnings 2,457,300 Treasury Stock-Common 55,000 Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 5,000 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 8
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 | $320,000 |
| Paid-In Capital from Sale of |
24,100 |
| Paid-In Capital in Excess of Par-Common Stock | 96,000 |
| Paid-In Capital in Excess of Par-Preferred Stock | 89,100 |
| Preferred 4% Stock, $50 par | 1,485,000 |
| 2,457,300 | |
| Treasury Stock-Common | 55,000 |
Fifty thousand shares of preferred and 200,000 shares of common stock are authorized. There are 5,000 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 8
| Paid in Capital: | ||||
| $fill in the blank 2 | ||||
| fill in the blank 4 | ||||
| Treasury Stock (5,000 Shares at Cost) | $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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