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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)

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)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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es 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.) 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
Transcribed Image Text:es 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.) 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
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, $16 par value, 99,900 shares authorized Preferred stock, $47 par value, 8 percent, 60,200 shares authorized During January and February of this year, the following stock transactions were completed: 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.) Stockholders' equity: Contributed capital: QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year
Transcribed Image Text: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, $16 par value, 99,900 shares authorized Preferred stock, $47 par value, 8 percent, 60,200 shares authorized During January and February of this year, the following stock transactions were completed: 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.) Stockholders' equity: Contributed capital: QUICK FIX-IT CORPORATION Balance Sheet (Partial) At December 31, This year
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