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Stockholders' Equity section of balance sheet Specialty Auto Racing Inc. retails racing products for BMW's, 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, $36 par $10,080.000 Paid In Capital from Sale of Treasury Stock—Common 340.000 Paid In Capital in Excess of Par—Common 5tock 420.000 Paid In Capital in Excess of Par—Preferred 5tock 384,000 Preferred 1 % Stock, $ 150 par 7,200,000 Retained Earnings 71,684,000 Treasury Stock—Common 1,008,000 Fifty thousand shares of preferred and 3000,000 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 8.

BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
BuyFind

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

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Chapter
Section
Chapter 13, Problem 13.19EX
Textbook Problem

Stockholders' Equity section of balance sheet

Specialty Auto Racing Inc. retails racing products for BMW's, 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, $36 par $10,080.000
Paid In Capital from Sale of Treasury Stock—Common 340.000
Paid In Capital in Excess of Par—Common 5tock 420.000
Paid In Capital in Excess of Par—Preferred 5tock 384,000
Preferred 1 % Stock, $ 150 par 7,200,000
Retained Earnings 71,684,000
Treasury Stock—Common 1,008,000

Fifty thousand shares of preferred and 3000,000 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 8.

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Chapter 13 Solutions

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