eBook

Print ltem

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 fiscal year:

Common Stock, $$10$ par

$$920,000$

Paid$-$In Capital in Excess of Par$-$Common S$$ock

$276,000$

Paid$-$In Capital in Excess of Par$-$Preferred Stock

$58,800$

Paid$-$In Capital from Sale of Treasury Stock$-$Common

$69,400$

Preferred $4\%$ Stock, $$50$ par

$980,000$

Retained Earnings

$2,811,100$

Treasury Stock$-$Common

$36,300$

Shares authorized are One hundred thousand of preferred and $400,000$ shares of common stock. There are $3,300$ shares of common stock held as treasury stock.

Prepare the "Stockholders' Equity" section of the balance sheet as of November $30.$

Premium Imports Inc.

Stockholders' Equity Section of the Balance Sheet

November $30$

Contributed capital: