Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following stock: Common stock, $13 par value, 99,300 shares authorized Preferred stock, $40 par value, 8 percent, 59,500 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,900 shares of common stock at $26 cash per share. b. Sold 20,300 shares of preferred stock at $64 cash per share. c. Bought 5,700 shares of common stock from a current stockholder for $20 cash per share. Required: Net income for the year was $90,300; cash dividends declared and paid at year-end were $31,600. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' equity: Contributed capital: QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Total contributed capital Total contributed capital and retained earnings Total stockholders' equity $ $ $ 0 0 0

Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following stock: Common stock, $13 par value, 99,300 shares authorized Preferred stock, $40 par value, 8 percent, 59,500 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,900 shares of common stock at $26 cash per share. b. Sold 20,300 shares of preferred stock at $64 cash per share. c. Bought 5,700 shares of common stock from a current stockholder for $20 cash per share. Required: Net income for the year was $90,300; cash dividends declared and paid at year-end were $31,600. Prepare the stockholders' equity section of the balance sheet at the end of the year. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' equity: Contributed capital: QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Total contributed capital Total contributed capital and retained earnings Total stockholders' equity $ $ $ 0 0 0

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 6PA: EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of...

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Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following stock: Common stock, $19 par value, 98,300 shares authorized Preferred stock, $45 par value, 8 percent, 60,400 shares authorized During January and February of this year, the following stock transactions were completed: Sold 78,800 shares of common stock at $38 cash per share. Sold 20,100 shares of preferred stock at $75 cash per share. Repurchased 4,000 shares of common stock for $20 cash per share. Required: Net income for the year was $90,600; cash dividends declared and paid at year-end were $30,200. Prepare the stockholders' equity section of the balance sheet at the end of the year. Note: Amounts to be deducted should be indicated with a minus sign. QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31 Stockholders’ equity: Contributed capital:…
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