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E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 11-7, 11-8 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 b the state authorized the following stock: Common stock, $12 par value, 99,500 shares authorized Preferred stock, $44 par value, 8 percent, 59,100 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,900 shares of common stock at $24 cash per share. b. Sold 21,000 shares of preferred stock at $60 cash per share. c. Repurchased 4,500 shares of common stock for $15 cash per share. Required: Net Income for the year was $91,100; cash dividends declared and paid at year- end were $30,700. Prepare the stockholders' equity section of the balance shee at the end of the year. Note: Amounts to be deducted should be Indicated with a minus sign.

E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 11-7, 11-8 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 b the state authorized the following stock: Common stock, $12 par value, 99,500 shares authorized Preferred stock, $44 par value, 8 percent, 59,100 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,900 shares of common stock at $24 cash per share. b. Sold 21,000 shares of preferred stock at $60 cash per share. c. Repurchased 4,500 shares of common stock for $15 cash per share. Required: Net Income for the year was $91,100; cash dividends declared and paid at year- end were $30,700. Prepare the stockholders' equity section of the balance shee at the end of the year. Note: Amounts to be deducted should be Indicated with a minus sign.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 11-7, 11-8 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, $12 par value, 99,500 shares authorized Preferred stock, $44 par value, 8 percent, 59,100 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,900 shares of common stock at $24 cash per share. b. Sold 21,000 shares of preferred stock at $60 cash per share. c. Repurchased 4,500 shares of common stock for $15 cash per share. Required: Net Income for the year was $91,100; cash dividends declared and paid at year- end were $30,700. 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: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock Total contributed capital Retained earnings Treasury stock $ 946,800 924,000 946,800 $ 2,817,600 60,400 (67,500)
Transcribed Image Text:E11-9 (Algo) Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 11-7, 11-8 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, $12 par value, 99,500 shares authorized Preferred stock, $44 par value, 8 percent, 59,100 shares authorized During January and February of this year, the following stock transactions were completed: a. Sold 78,900 shares of common stock at $24 cash per share. b. Sold 21,000 shares of preferred stock at $60 cash per share. c. Repurchased 4,500 shares of common stock for $15 cash per share. Required: Net Income for the year was $91,100; cash dividends declared and paid at year- end were $30,700. 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: Common stock Preferred stock Additional paid-in capital, common stock Additional paid-in capital, preferred stock Total contributed capital Retained earnings Treasury stock $ 946,800 924,000 946,800 $ 2,817,600 60,400 (67,500)
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