Specialty Auto Racing Inc. retails racing products for BMWs,Porsches, and Ferraris. The following accounts and their balancesappear in the ledger of Specialty Auto Racing on July 31, the endof the current year:
Question not attempted.
1 | Common Stock, $37 par | $9,805,000.00 |
2 | Paid-In Capital from Sale of Treasury Stock-Common | 327,000.00 |
3 | Paid-In Capital in Excess of Par-Common Stock | 2,650,000.00 |
4 | Paid-In Capital in Excess of Par-Preferred Stock | 332,500.00 |
5 | Preferred 1% Stock, $150 par | 7,125,000.00 |
6 | Retained Earnings | 68,366,200.00 |
7 | Treasury Stock-Common | 994,400.00 |
Fifty thousand shares of preferred
A class of stock with preferential rights over common stock.
and 300,000 shares of common stock
The stock outstanding when a corporation has issued only oneclass of stock.
are authorized. There are 22,600 shares of common stock held astreasury stock
Stock that a corporation has once issued and thenreacquires.
. Prepare the Stockholders’ Equity section of the balance sheetas of July 31, the end of the current year, using Method 1
Each class of stock is reported, followed by its related paid-incapital accounts. Retained earnings is then reported followed by adeduction for treasury stock.
of
Exhibit 9
. Refer to the lists of Accounts and Amount Descriptionsprovided for the exact wording of the answer choices for textentries. For those boxes in which you must enter subtracted ornegative numbers use a minus sign.
