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Category > Accounting Posted 20 Aug 2017 My Price 9.00

Specialty Auto Racing Inc

EX 11-16 Stockholders’ Equity section of balance sheet                                    ObJ.  5

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:

 

 

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 Stock .........................

420,000

Paid-In Capital in Excess of Par—Preferred Stock .........................

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 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   6.

 

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Maurice Tutor
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Status NEW Posted 20 Aug 2017 07:08 PM My Price 9.00

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