Homework Help is Here – Start Your Trial Now!
Business
Accounting
Quick Fix-It Corporation was organized at the beginning of this vear to operate several car repair businesses in a large metropoinon 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 capital: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock Total contributed capital Retained earnings Total contributed capital and retained oarnings Treasury stock %24 Total stockholders' oquity

Quick Fix-It Corporation was organized at the beginning of this vear to operate several car repair businesses in a large metropoinon 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 capital: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock Total contributed capital Retained earnings Total contributed capital and retained oarnings Treasury stock %24 Total stockholders' oquity

Financial Accounting
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...
See similar textbooks
icon
Related questions
Question
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 capital: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock Total contributed capital Retained earnings Total contributed capital and retained earnings Treasury stock Total stockholders' equity
Transcribed Image Text: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 capital: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock Total contributed capital Retained earnings Total contributed capital and retained earnings Treasury stock Total stockholders' equity
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Current liabilities, Provisions and Contingencies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS