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Specialty Auto Racing Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and...

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 on July 31, the end of the current year:

Common Stock, $10 par $920,000
Paid-In Capital from Sale of Treasury Stock-Common 69,400
Paid-In Capital in Excess of Par-Common Stock 276,000
Paid-In Capital in Excess of Par-Preferred Stock 66,600
Preferred 4% Stock, $50 par 1,110,000
Retained Earnings 2,979,200
Treasury Stock-Common 41,800

One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 3,800 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 9.

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Answer #1

Prepare the Stockholders' Equity section of the balance sheet as of July 31, the end of the current year using Method 1 of Exhibit 9.

Paid in capital
Capital Stock
Common Stock, $10 par 920000
Preferred 4% Stock, $50 par 1110000
Total Capital Stock 2030000
Additional paid in capital
Paid-In Capital in Excess of Par-Common Stock 276000
Paid-In Capital in Excess of Par-Preferred Stock 66600
Total additional paid in capital 342600
Paid-In Capital from Sale of Treasury Stock-Common 69400
Total paid in capital 2442000
Retained Earnings 2979200
Total 5421200
Less: Treasury Stock-Common -41800
Total Stockholder's equity 5379400
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