Stockholders\' Equity Section of Balance Sheet Premium Imports Inc. retails raci

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, $8 par Paid-In Capital in Excess.of Par-Common Paid-In Capital in. Excess.of Par-Preferred Stock 182,000 Paid-In Capital from Treasury Stock-Common Preferred 296 Stock, $80 par Retained Earnings Treasury Stock-Common Forty thousand shares of preferred and 500,000 shares of common stock are authorized. There are 62,000 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. $3,200,000 Stock 700,ooo 150,000 2,080,000 17,250,000 744,000 Premium Imports Inc. Stockholders' Equity Section of the Balance Sheet November 30 Paid-in canital

Explanation / Answer

Premium Imports Inc Balance Sheet (Partial) As on November 30 Shareholer's Equity 2% Preferred Stock of $80 par - 40,000 shares authrized and 26,000 issued $2,080,000 Common Stock $8 par - 500,000 authorized and 400,000 shares issued $3,200,000 $5,280,000 Additional Paid in capital            Paid in capital in excess of par - preferred $182,000            Paid in capital in excess of par - Common stock $700,000            Paid in capital from Sale of Treasury Stock-Common $150,000 Total Paid in capital $6,312,000 Retained Earnings $17,250,000 Total Paid in capital and retained earnings $23,562,000 Treasury Stock (62,000 Shares) -$744,000 Total Shareholder's Equity $22,818,000

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