Stockholders' Equity Section of Balance SheetSpecialty 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$320,000Paid-In Capital from Sale of Treasury Stock-Common24,100Paid-In Capital in Excess of Par-Common Stock96,000Paid-In Capital in Excess of Par-Preferred Stock89,100Preferred 4% Stock, $50 par1,485,000Retained Earnings2,457,300Treasury Stock-Common55,000Fifty 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 8Paid 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

Shareholders' equity includes preferred share capital, common stock, and retained earnings.it also…

Answered: Stockholders' Equity Section of Balance…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.24E

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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	$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

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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