Question

Stockholders' Equity Section of Balance Sheet

Premium Imports Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Premium Imports Inc. on November 30, the end of the current year:

Common Stock, $10 par	$640,000
Paid-In Capital in Excess of Par-Common Stock	192,000
Paid-In Capital in Excess of Par-Preferred Stock	104,700
Paid-In Capital from Sale of Treasury Stock-Common	48,300
Preferred 4% Stock, $50 par	1,745,000
Retained Earnings	3,330,600
Treasury Stock-Common	64,900

One hundred thousand shares of preferred and 400,000 shares of common stock are authorized. There are 5,900 shares of common stock held as treasury stock.

Prepare the Stockholders' Equity section of the balance sheet as of November 30, the end of the current year.

Premium Imports Inc.
Stockholders' Equity Section of the Balance Sheet
November 30
Paid-in capital:
	$
		$
	$
Total paid-in capital		$
Total		$
Total stockholders' equity			$

Answer 1