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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: Fifty thousand shares of preferred and 300,000 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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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 13, Problem 19E
Textbook Problem
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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:

Chapter 13, Problem 19E, Stockholders Equity section of balance sheet Specialty Auto Racing Inc. retails racing products for

Fifty thousand shares of preferred and 300,000 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.

To determine

Prepare paid-in capital portion of the stockholders’ equity section of the balance sheet for G Properties Incorporation.

Explanation of Solution

Stockholders’ Equity Section: It is refers to the section of the balance sheet that shows the available balance of stockholders’ equity as on reported date at the end of the financial year.

Prepare the paid-in capital portion of the stockholders’ equity section of the balance sheet for SAR Incorporation.

...
SAR Incorporation
As on June 31
Stockholders’ equity section
ParticularsAmount ($)Amount ($)Amount ($)
Paid-in Capital:   

     Preferred 1% Stock, $150 par (50,000

     shares authorized, 48,000 shares issued)

$7,200,000  
     Excess over par $384,000  
         Paid in capital, preferred stock $7,584,000 

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