Quick Fix-IL rporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitar area. The charter issued by the state authorized the following stock: Common stock, $12 par value, 99,600 shares authorized Preferred stock, $46 par value, 8 percent, 60,800 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,600 shares of common stock at $24 cash per share. o. Sold 20,200 shares of preferred stock at $70 cash per share. c. Bought 5,700 shares of common stock from a current stockholder for $16 cash per share. Required: Net income for the year was $90,700; cash dividends declared and paid at year-end were $31,000. Prepare the stockholders' equity mediale of the

Quick Fix-IL rporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitar area. The charter issued by the state authorized the following stock: Common stock, $12 par value, 99,600 shares authorized Preferred stock, $46 par value, 8 percent, 60,800 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,600 shares of common stock at $24 cash per share. o. Sold 20,200 shares of preferred stock at $70 cash per share. c. Bought 5,700 shares of common stock from a current stockholder for $16 cash per share. Required: Net income for the year was $90,700; cash dividends declared and paid at year-end were $31,000. Prepare the stockholders' equity mediale of the

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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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, $20 par value, 98,100 shares authorized Preferred stock, $47 par value, 8 percent, 60,500 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,700 shares of common stock at $40 cash per share. b. Sold 20,000 shares of preferred stock at $77 cash per share. c. Repurchased 4,900 shares of common stock for $24 cash per share. Required: Net income for the year was $90,600; cash dividends declared and paid at year-end were $30,900. 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. Stockholders' equity: Contributed capital: QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31
Quick Fix-It Corporation was organized at the beginning of this vear to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following stock Common stock, $16 par value, 98,500 shares authorized Preferred stock, $43 par value, 8 percent, 60,900 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,300 shares of common stock at $32 cash per share. b. Sold 20,600 shares of preferred stock at $76 cash per share. c. Bought 6,000 shares of common stock from a current stockholder for $10 cash per share. Required: Net income for the year was $90,100; cash dividends declared and paid at year-end were $31,100. 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.) QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year Stockholders' equity: Contributed…
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:…
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, 99,500 shares authorized Preferred stock, $46 par value, 8 percent, 60,000 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 79,300 shares of common stock at $38 cash per share. b. Sold 20,100 shares of preferred stock at $72 cash per share. c. Bought 4,300 shares of common stock from a current stockholder for $22 cash per share. Required: Net income for the year was $91,300; cash dividends declared and paid at year-end were $30,800. 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.)
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $17 per share, 13,400 shares authorized. During e year, the following selected transactions were completed: Sold and Issued 6,800 shares of common stock for cash at $34 per share. b. Sold and Issued 1700 shares of common stock for cash at $39 per share 12. Required information Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). (If no entry ls required for a transaction/event, select "No Journal entry required In the first account field.) view transaction list view general journal Journal Entry Worksheet 0 2 sold 6,800 shares of common stock for cash at $34 per share Debit Credit Transaction General Jouma
A corporation was organized on January 1 of the current year, with an authorization of 20,000 shares of 4%, $12 par preferred stock, and 100,000 shares of $3 par common stock. The following selected transactions were completed during the first year of operations: Jan. 3 Issued 15,000 shares of common stock at $23 per share for cash. 31 Issued 200 shares of common stock to an attorney in payment of legal fees for organizing the corporation. The value of the stock at the time of payment was $25 per share. Feb. 24 Issued 20,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $65,000, $120,000, and $45,000 respectively. Mar. 15 Issued 2,000 shares of preferred stock at $56 for cash. Journalize the above transactions. If an amount box does not require an entry, leave it blank.