a. Sold 78,900 shares of common stock at $32 cash per share. b. Sold 20,800 shares of preferred stock at $67 cash per share. c. Bought 5,000 shares of common stock from a current stockholder for $21 cash per share. Required: Net income for the year was $91,400; cash dividends declared and paid at year-end were $30,400. 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)
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- Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
- EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
- St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.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 31Hardev
- 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.)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 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…