Please let me know what rules/formulas I need to know to solve the blanks in this Balance sheet with the information given. Required:Net income for the year was $210,000; cash dividends declared and paid at year-end were $50,000. 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:Common stockQUICK FIX-IT CORPORATIONBalance Sheet (Partial)At December 31, This YearAdditional paid-in capital, common stockAdditional paid-in capital, preferred stockPreferred stockTotal contributed capitalRetained earningsTotal contributed capital and retained earningsTreasury stockTotal stockholders' equity$780,000780,0001,000,0002,560,0002,560,0002,560,000 Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair businesses in a largemetropolitan area. The charter issued by the state authorized the following stock:Common stock, $10 par value, 98,000 shares authorizedPreferred stock, $50 par value, 8 percent, 59,000 shares authorizedDuring January and February of this year, the following stock transactions were completed:a. Sold 78,000 shares of common stock at $20 cash per share.b. Sold 20,000 shares of preferred stock at $80 cash per share.c. Bought 4,000 shares of common stock from a current stockholder for $20 cash per share.Required:Net income for the year was $210,000; cash dividends declared and paid at year-end were $50,000. 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.)

The shareholder's equity includes the total paid in capital, and retained earnings of the business.…

et income for the year was $210,000; cash dividends declared and paid at year-end were $50,000. Prepare the stockholder quity 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: Common stock QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This Year Additional paid-in capital, common stock Additional paid-in capital, preferred stock Preferred stock Total contributed capital Retained earnings Total contributed capital and retained earnings Treasury stock Total stockholders' equity $ 780,000 780,000 1,000,000 2,560,000 2,560,000 $ 2,560,000

et income for the year was $210,000; cash dividends declared and paid at year-end were $50,000. Prepare the stockholder quity 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: Common stock QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This Year Additional paid-in capital, common stock Additional paid-in capital, preferred stock Preferred stock Total contributed capital Retained earnings Total contributed capital and retained earnings Treasury stock Total stockholders' equity $ 780,000 780,000 1,000,000 2,560,000 2,560,000 $ 2,560,000

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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